Tulsa Mortgage : Podcast 25 – Part 1
Tulsa Mortgage Steve: This is Stevecurrington.com, episode number 25 of The Steve ‘N Tyler Show.
Voice over: Welcome to The Steve ‘N Tyler Show with Stevecurrington.com and Tyler Wyburn.
Voice over: They’re talking about everything you need to know about mortgages, home loans, and more. Nobody knows mortgages like these two. Get ready because here’s Steve and Tyler.
Steve: What’s up, Tyler?
Tyler: Good morning.
Tulsa Mortgage Steve: Hey, I’m about to [plays music] break it down for you. We’re talking about where we can get our down payment. We just talked about down payment on our last episode. You want to run through real quick some of what the book says? Let’s say, when I play blackjack, and they’re like, “Do I hit?” I’m like, “What does the book say?” Let’s look at our definitions book on just a few examples of where you can get down payment.
Tyler: We’re talking about down payments and tolls and mortgage?
Steve: Oh, yes. Dude, do we do farming to mortgage in New Mexico?
Tyler: Yes, and in Colorado Springs.
Tulsa Mortgage Steve: Yes. Colorado Springs mortgage, for sure.
Tulsa Mortgage Steve: Colorado. By the way, my hair looks really good today. Even if I wasn’t getting a mortgage in Pueblo Mortgage, I think my hair would look good, even with this headset on. I’m live on Facebook. What does everybody think about my hair? We don’t have anybody engaging it, but we do have 218 viewers.
Tulsa Mortgage Tyler: I think it’s about time for your trim.
Steve: I just got my hair cut Thursday.
Tyler: Yes, it’s a little curly
Steve: My hair stands up. That’s the point. Okay. We’re talking about definition, where can you get your down payment?
Tyler: Retirement account?
Steve: Retirement account. That’s a good one.
Tyler: You’re checking your savings account.
Steve: You’re checking your savings account because you have some money. [plays music] That’s a big one. What about cash that’s in my pocket?
Steve: Hello, Crystal Bunting. Hey, there’s Crystal from Pueblo Mortgage, just joined in. Ryan Owens from Florida. What’s up, Florida? Ryan says, “From selling your Pokémon collection or Beanie Babies.” Yes. You can get your down payment from selling your Pokémon or Beanie Baby collection, if you document it correctly.
Tulsa Mortgage Tyler: Right.
Steve: If you show us the title to your Beanie Baby collection, and to your Pokémon collection —
Tyler: Didn’t we have someone who once made $1,500 out of a garage sale?
Steve: No, I got an even better one. We talked about this already. I have gold. I can take a picture of the gold and with me standing by it. That’ll prove that I own it [laughs]. Hey, Lindsay Scott, Felicia Lemming, Harry Elzo. Where can my down payment come from? Retirement accounts? You can get a loan from a 401K, you can cash out your 401K, you can get it from your checking savings. What else? What else we got, Tyler?
Tyler: A gift.
Tulsa Mortgage Steve: Tyler’s literally doing this.
Tyler: I’m thinking.
Steve: What am I supposed to say now? I think he was scared just then. Yes, you get a gift from mommy and daddy, grandma, grandpa, uncle, cousin, somebody. You can save up all of grandma’s $12 birthday checks.
Tyler: We actually had someone else do this, a little bit more unconventional route, but they got a loan against their personal belongings.
Steve: That is true.
Tyler: Obviously, we have to qualify them with their payment on that new loan.
Steve: Hold on a second. Do you have to “koalify” them?
Tyler: “Koalify” them.
Steve: That’s correct. We had a guy recently that owns a vehicle that he had a loan on, and he got a refinance on that loan and got more money to use on down payment. He’s closing Friday.
Steve: Little known fact. Harry’s asking, “Do they have special house financing for people that have been turned down by regular banks?” Yes. It’s called, “Call Steve Currington”. That’s the special financing, Harry. We offer like in FHA loan, as low as 580 credit score. Now, not everybody’s going to qualify because you might have “koalified” because you might have some issues on there.
Just because you’ve been turned down by bank, doesn’t mean that you shouldn’t call another lender and get another quote from someone else, for sure. Is that good, Harry? Down payment source, we’ve hit retirement account, gift from mom and dad, I can borrow against my vehicle.
Now, when you say “personal belongings”, that can be a little bit tricky because, we can go check guidelines for this, but you’re not going to say, “Well, I own this scooter that doesn’t have a title and I’m going to get a loan against it,” because the real issue becomes proving that you have ownership of it. You’ve got to be able to bargain something that can prove your ownership. Proving ownership is going to be some kind of a title, something that shows that you own it. Right?
Steve: Go figure, huh? What else? Does the book say any other sources for down payment?
Tulsa Mortgage Tyler: No.
Steve: Well, I have another source for down payment. Borrowing against another asset. Just like we talked about borrowing against the 401K, I’ve had people that have done a bridge loan. They borrow it against the equity in their current home to use it for down payment. That’s another way that you could do it if you own a property. Ryan Owen says, “Harley, sell the boat with title.” Crystal says, “No credit cards.” Rick [unintelligible 00:06:27] just joined.
Steve: I don’t know what that means.
Tyler: I think somebody did that recently.
Steve: You can’t get a credit card advance for your down payment. You’re just going to make it very painful for your lender. I’m just telling you. Hey, Linda is watching from Destin, Florida, but she’s watching the last podcast which is recorded.
Steve: She’s not really watching live. She thinks that we’re live on that podcast right now, but we’re not, which is kind of funny. Sorry, Linda, but I love you and you’re an amazing aunt. You might want to get on the real live podcast.
Tyler: Is it aunt, or aunt?
Steve: Aunt. It’s my auntie.
Steve: It’s my auntie. Tyler?
Steve: [plays music] That’s the Qaumi national anthem. In our playlist of sounds that we can play, we have the Qaumi national anthem. This is what I’m going to start doing. Whenever I ask Tyler a question, he just looks at me like I’m crazy [plays cricket sound effect]. We’re just going to sit here like this and be like [whistles] [plays cricket sound effect].
All right. We’ve talked about down payments. Now, let’s talk about where people mess that up. I just spoke to a girl the other day. Here’s what she says to me. “I have $1,700 in cash that came from my tax return.” I’m like, “Okay. What do you mean ‘cash’? Like it’s in your bank?” “No. I took it out of the bank and I’ve kept it. I’ve been paying bills and doing whatever with it.”
I get it. You’re keeping yourself from spending it. If you’re not buying house, it doesn’t really matter. She needs that $1,700 for her down payment. How do you think we can get it in her bank account and document it?
Tyler: We can’t.
Steve: You can. I mean, we can. We’re going to figure it out. She has not gotten into any contract. She just got pre-approved so I told her, “Go ahead and get that deposited ASAP so that it’s in your bank.”
Tulsa Mortgage Steve: In her case, she can document where she took it out of her bank and she can document what bill she paid. They bring out down to $1,700, and where she can put it back in. You know that, Tyler. You got to be careful about your down payment. What’s another circumstance that just recently happened that you can think of or maybe has ever happened when it comes to down payment that got messed up? All right, here we go [plays cricket sound effect].
Tyler: [laughs] I’m in deep thought.
Steve: Sometimes, I need a break from me talking and I try to keep Tyler up and Tyler’s like [plays cricket sound effect].
Tyler: Cash is always the issue. This really is always the issue.
Steve: I’m switching the camera on Facebook live over to Tyler. Maybe we’ll increase our view from 400 to 600.
Tyler: Nice. Thanks. I appreciate that.
Steve: What else happens, Tyler
Tyler: It’s always cash. That’s the biggest thing that I can even think of that always comes into play. “I just have this cash and I just put it in my bank account.”
Steve: Yes. That’s right.
Tyler: A lot of people get gifts and that’s fine. We can document things and do that the right way.
Steve: But then, they get the gift wrong. They do it before they talk to us and that becomes a problem. Harry Elzo’s asking, “How long have you been the King of Finance?” Never. I have never been the King of Finance, but I’ve been doing this since 2005, Harry, to answer your question. I don’t think I’m the King of Finance. I don’t know what I’ll say to that.
Tyler: Maybe you’re the Queen of Finance.
Tulsa Mortgage Steve: Somebody said you’re crazy. Good crazy, but crazy. Hustle [laughs]. Linda, I need to comment on the other live video that’s no longer live because Linda thinks she’s watching live. That’s funny.