Arranging for down payment is the biggest challenge for most people wanting to realize their homeownership dream. It’s an important threshold that you’ve got to cross in order to get the best financing deal for your home purchase.
Here at Buyer Investor Match, we work with many self-employed people who can’t qualify for a mortgage from a conventional bank simply because they don’t have documents to prove their income. When we help these individuals to get financing for buying a home without any credit check or income verification, the only criteria we require them to fulfil is a minimum 15% down payment. We know from our experience of working with hundreds of self-employed people that someone who has arranged for that much down payment is financially capable of keeping up with his or her monthly mortgage payments.
Many of these self-employed people are so disciplined that they have been investing in a Roth Solo 401k investment plan for years. If you too have invested in a Roth Solo 401K plan, you can easily arrange for a down payment on your home. Here is what you need to know about buying a home with Roth Solo 401k:
You need to be a self-employed professional or own an owner-only business in order to be eligible for investing in Solo 401k plan with a Roth component. It’s a self-sponsored plan and the best advantage is that it allows you to investment your retirement funds in a wide variety of assets including real estate.
Let’s say for example, you started funding your Roth Solo 401k with a certain dollar amount five years ago and now you are more than 591/2 years old. Any ‘qualified’ distribution from your Roth Solo 401k will be tax-free. It’s important to understand what qualified distributions are. For a ‘qualified’ distribution,
Some other criteria including disability and death are also included in the definition of a ‘qualified’ distribution.
You can either buy a home 100% with 401k or combine it with a non-recourse loan. A non-recourse loan requires an asset to be put as collateral. For example, a mortgage from a conventional lender such as bank is a non-recourse loan.
If you haven’t started investing in a Roth 401k, you should seriously consider this. Here are a few advantages of this retirement plan:
In conclusion
At our free training sessions, we encourage home buyers to explore these options to arrange for down payment. If you are interested in buying a home without no credit check or income verification, we can help you to realize your home through owner financing. Click the button below to set an appointment with us using our online scheduler…
SCHEDULE : Schedule a time to meet with us and learn how our proven system works.
PICK : You pick any home you want, even a brand new home.
RECEIVE : Get the keys to your dream home and a deed in your name with as little as 15% down.