Home Buying in 86442>Question Details

Greg Jackson, Other/Just Looking in 90640

Can I use an annuity for a down payment on a home?

Asked by Greg Jackson, 90640 Wed Jun 2, 2010

Will there be a penilty. Does every dollar have to used for the down payment?

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Answers

5
Hi Greg,

In my opinion, you should give Randy Hooker the "Best Answer" award along with a "thumbs up" for his reply to you. He is dead-on with his rock solid advice to you.

All the best,
Ros

Roswell Moore, CMPS
Certified Mortgage Planner
480-422-5095 direct
Web Reference: http://www.ezAZloan.com
1 vote Thank Flag Link Wed Jun 2, 2010
Your tax professional can best advise regarding any possible penalties associated with early annuity withdrawals as it applies to your specific situation.
1 vote Thank Flag Link Wed Jun 2, 2010
Your cash down payment funds will have to be paper trailed, so if you plan on cashing in an annuity, you need to discuss it with your mortgage lender BEFORE you do anything. And if you're asking if there are penalties for cashing in an annuity, you need to check with the administrator of your annuity. You do NOT want to make any decisions based on opinions of real estate agents on this public forum.

All the best!
1 vote Thank Flag Link Wed Jun 2, 2010
I agree. I worked at a financial firm in MI and there are different kinds of annuities. Best to seek advice from an investment broker.
Flag Fri Jun 15, 2012
That's a question best suited for a lender. The rules on loans change by the minute these days. It is free to speak to a lender and get pre-qualified and that is always the place you should start. If you find something you like, you need to be pre-qualified before you can make an offer anyway. If you need the number of an excellent lender, I'm happy to provide that, otherwise, start with a bank you already have a relationship with.
1 vote Thank Flag Link Wed Jun 2, 2010
Greg,

There is still alot of creative financing out there. I can put you in contact with a lender that can advise you further on using your annuity for down payment...
0 votes Thank Flag Link Wed Jun 2, 2010
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