Posted on: 24th Jun, 2011 12:59 pm
Hi. We are first time homebuyers from NY with little savings at this point for a down payment. We think a SONYMA mortgage is a good fit for us because of the low interest rates and help with closing costs and I believe we meet their loan qualifications. We will be getting married at the end of this month and hope to receive at least a few thousand dollars in wedding gifts. Does it make more sense to use that money to pay off unsecured debts, like ccs, autos, etc. to reduce the debt/income ratio, and use the SONYMA DP assistance loan because it has 0% interest and forgiveness after ten years, or should we use the money towards a DP?
Any monies that you place into your bank account must be sourced. Meaning if you put cash into your account, an Underwriter would not be able to trace the source of the funds. There fore, do not add large amounts of cash deposits to your account. If you have DP assistance, then use the funds for paying off debt.