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Tulsa Mortgage : Podcast 25 – Part 2

Tulsa Mortgage Tyler: Yes, when people get their gifts wrong, they get their gift and then, we don’t find out about it until later on down the line. Mom, dad, cousin, grandpa, “They owe me a check for five grand and I deposited it in my bank account,” and then they tell us a week before closing, “Yes, I got the money. I just stuck it in there.” Okay.

Steve: That’s a problem, isn’t it.

Tyler: Yes.

Steve: When they [plays sound effect] drop the bomb and we’re like, “No!” Why? Don’t do that. We just had someone yesterday that’s paying off debt at closing. Look, here’s a way I look at it. If a buyer does something during the process that’s wrong, whose fault is it?

Tyler: Well —

Steve: Hold on, hold on.

[plays cricket sound effect]

Steve: It’s the lender’s fault. It’s your customer. If they’re doing it wrong, then you must have not been clear in instructing them. That’s what I told this lady yesterday. My apologies because I apparently wasn’t clear in telling you that all that debt you’re going to pay off to qualify, “koalify”, we’re going to do at closing.

Listen, it’s not a bad thing, it’s not terrible. It’s just what happens. We have to now have more documentation, right? We have to go dig up more paper. In her case, it just so happens that the credit card she paid off or whatever had just recently been compromised. She logged in to show that her balance was zero and there were $280 worth of charges because somebody yanked her credit card number.

Tulsa Mortgage That was interesting yesterday to find that out. What are you laughing about? You just think of somebody?

Tyler: No.

Steve: Hold on, no more crickets.

[plays cricket sound effect]

Tyler: I just totally remembered when I rubbed up by my house, actually. My debit card number was compromised literally the day of closing.

Steve: How much money did they take from you?

Tulsa Mortgage Tyler: I had all of my closing funds in that account so that I could go ahead and get my cashier’s check that day and bring it to closing. My debit card number had been used that morning in West Virginia. I think somewhere in Mexico, something. I don’t know. It’s ridiculous. They were trying to ring up charges. Luckily, my bank contacted me right when it happened, asked me if it was me. I said no. Great. They cancelled my card number, charges didn’t get through.

Steve: You were able to get your cashier’s check? That would have screwed things up.

Tyler: That was sketchy. That was a scary one.

Steve: That would have been [plays music]. Hey, I like that for story time. We’re playing Careless Whisper for those on Facebook. They can’t hear it. Dude, I can’t even imagine, buyers go through a lot of stress when they’re buying big. Can you imagine waking up the day of closing, you’re about to get your cashier’s check and your bank calls you and says, “Someone hacked your bank account.” Wow. I’ve had people that’s happened to them that have gotten thousands of dollars and sometimes, it can take a month or two for them to get their money back in there. That’s not good. You know where else your down payment can come from?

Tulsa Mortgage Tyler: Where?

Steve: Real estate commissions.

Tyler: Yes.

Steve: I bet you didn’t know that.

Tyler: Well, I kind of did.

Steve: Because that’s what Tyler did.

Tyler: [laughs]

Tulsa Mortgage Steve: No, Harry, Hillary Clinton already got a loan from America, every single day. He asked if I could get Hillary Clinton a loan. No, I won’t even speak to her. I’m a realtor, I’m buying a house and I’m the agent on the house because I did that, and I’m going to make a commission on it, right? $3,000. I can use that for down payment. Isn’t that what you did?

Tyler: Yes. That’s exactly it.

Steve: Pretty cool. If you’re a realtor, you can use your real estate commission for your down payment on your house, little known fact. I bet people didn’t know that. We’re talking about all these sources for down payment today and here’s the thing. If you don’t know, ask your freaking lender. That’s what you got to do. You need to ask your lender. Don’t go making the mistake that a lot of people make, where they just go, get their down payment from whatever they get it from, then try to figure it out later. Hey, I’m pretty resourceful. I’m a problem solver, guys, but I don’t want to solve problems, okay? It’s not like, “I can’t wait to wake up and solve problems.” I want things to go easy.

Just don’t do something that’s going to screw things up. Harry’s asking. “How much is a down payment?” We hit that on the last podcast which you can go to my page. I’ve got a video on Facebook of that, Harry. FHA, what do we say, Tyler? 31/2% down, Conventional. We recommend 5% although you can put 3% down. Qualifications, “koalifications” are a little tougher. The USDA loan, 100% no down payment, VA 100% no down payment. Section 184 on the Native American loan, 2.25%. Boom. That’s all of them. Hey, Greg McGuffin. Anyway, any other sources of down payments, Tyler?

[plays cricket sound effect]
Steve: I’m always going to hit crickets whenever I ask Tyler a question.

Tyler: You’re doing it on purpose at this point.

Steve: Yes.

Tyler: Yes. Awesome

[plays cricket sound effect]

Steve: I think we can make an entire podcast of crickets. It’ll be like, “Tyler is now going to run the podcast.”

[plays cricket sound effect]

Tyler: Well, what about companies that are offering relocation bonuses for you?

Steve: Yes, you can get it from that. You can use any kind of bonus that you get from your employer. The gentleman that we were talking about yesterday that was a little confused on how much he was bringing is getting a bonus from his employer. He’s going to use it as down payment, which is really normal pay. Hey, that brings up another point. I’ve got $10,000 in my bank account. It all came from my paycheck. One mistake that a lot of people make, and I just told this customer just the other day, a lot of people, for whatever reason, they work for a small company or whatever, they still get a paper check that they go deposit that in their bank account.

One mistake that a lot of people make is they get a check for $618.12, but their deposit is for $600, or $580 or $500 because they take back $118 in cash. That can create a problem because if I have a pay stub that says your paycheck is $818 bucks and I have a deposit that’s for $700, we’re going to have to document that deposit. Now, you got to go get the deposit slip, we have to go prove that this is what happened and then, you can document it.

Tulsa Mortgage Can family gift you x amount? Yes. On FHA, Conventional, any of those programs, FHA looks over that. You can get a gift for your down payment for 100% providing that you credit qualify and there’s other issues that go into it. Believe it or not, if you have no money in the bank and you’re getting all your down payment from gift funds and closing costs, there’s a chance, if your credit’s not so great, that you won’t get an approval eligible through the automated rating system because it’s a risk if you don’t have anything invested in the transaction. Yes, you can get a gift, Brit, from family.

On Conventional, there are some lenders that will require they have 5% of your own funds, unless your family is giving you a gift for 20% down. If you got a 10% gift, then you might have to put 5% of your own funds in certain circumstances, but if you got 20% down as a gift, you don’t. With FHA or any other program, yes, they allow you to get a gift for down payment. What was I saying before I got interrupted by Brit? I mean Brit, you’re messing me up, bro.

[plays cricket sound effect]

Steve: Every time I ask Tyler a question, I have to hit crickets. I’m like, “You follow me?” “No, I wasn’t following.” How are we doing on time?

Tyler: We’re about there.

Steve: Good. You want to recap real quick from the book on down payment? Where it can come from?

Tyler: Down payment, where it can come from, gift, it can come from your checking, your savings, 401K retirement, company bonuses, relocation piece that you may receive from your company.

Tulsa Mortgage Steve: Real estate commissions.

Tyler: Real estate commissions, yes.

Steve: 401K.

Tyler: I got that one.

Steve: Checking and savings.

Tyler: I got that.

Steve: I have cash in my mattress.

Tyler: No.

Steve: I’m a drug dealer.

Tyler: Negative.

Steve: I have cash because I make $300,000 a year as a bookie.

Tyler: No.

Tulsa Mortgage Steve: I have cash.

Tyler: No.

Steve: What should I do if I have cash to pay cash for a house? [laughs] Don’t get a loan.

Tyler: Exactly. Why do you need a loan? Why?

Steve: If you have cash. You know what’s great about having cash Tyler?

Tyler: Having it.

Tulsa Mortgage Steve: Having cash. What’s really good about having cash is having cash. Anyway, that’s our podcast for today and I hope everybody enjoyed it. Remember, lots of ways you can get your down payment. Make sure you ask a “koalified” lender. Getqualified dot com. Steve ‘N Tyler Show is out.