Welcome to the Sanford REI Financing and Closing Costs Page!

Whether you're a first-time homebuyer or a seasoned investor, understanding how financing and closing costs work is critical to making smart real estate decisions.

📌 Financing Basics: Are You a Cash Buyer or Using Financing To Obtain a Mortgage?

Unless you’re paying cash, you’ll need a mortgage pre-qualification letter from a reputable bank or mortgage broker to submit an offer in most U.S. states. If you're buying with cash, you’ll need a recent Proof of Funds (POF) statement—dated within the last 30 days.

Your POF statement should:

  • Clearly show your name and the bank's name

  • Be dated within the last 30 days

  • Display the available funds in your account

You may block out sensitive information like account numbers and unrelated transactions. If your cash is spread across multiple banks or accounts, then submit a POF for each bank or account.

💰 Down Payments: How Much Do You Really Need?

Do you think you need 20–30% down to buy a home? Wrong! In many cases, buyers only need 3–3.5% down, and sometimes just $1,000 as an initial deposit. Some buyers may even qualify for 0% down through VA loans—just be sure to secure your VA Certification Letter early, as it can take time to process. If you’re worried about your credit, don’t stress. That’s where working with the right mortgage broker makes a huge difference. Unlike a loan officer at a single bank, we HIGHLY recommend a Mortgage Broker who can shop your application to multiple lenders, increasing your chances of:

  • Approval with flexible requirements

  • A better interest rate

  • Navigating challenges with your debt-to-income ratios

  • Getting the Mortgage with a low FICO Score

Pro tip: A skilled Mortgage Broker can open doors that a single-bank lender simply can’t! We may be able to find you a Mortgage Broker in your area using the Consultation Time on our Pricing List!

💼 What About Closing Costs?

Worried about shelling out $1,000s at closing? Here's some good news!

In nearly every real estate transaction where I was representing clients as buyers, I was able to negotiate seller-paid closing costs through seller concessions. That means the seller covers most (or all) of the closing costs — saving buyers $1,000s in closing costs!

Exceptions include:

👉Short Sales: Banks typically won’t cover closing costs since they’re already taking a loss.

👉Auction Properties: Auction properties are normally "Cash Only" and no seller concessions are available.

Although John no longer holds a real estate broker's license, he CAN help you with how you shape your offer on your new property! Just buy up some Consultation Time on our Pricing List! Use it any way you want on real estate issues!

🤝 Your Team, Your Choice

As with attorneys or real estate agents, you have the right to choose your own mortgage broker and legal counsel. Choose professionals who work for you—not just for a commission.

Ready to Get Going? Press That Button Below!

John Sanford, Managing Member

Sanford Real Estate & Investment, LLC

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Information on this page is not an offer or a solicitation to sell or purchase securities. Statements, descriptions, and data on this page are for informational purposes only and relate to an investment opportunity which may be offered in the future. No offer or solicitation will be made until you contact us first and the necessary final documentation and agreements have been delivered to you. Please consult an accountant, financial planner, tax attorney and/or other tax, investment and legal counsel for advice before investing any of your money.

© 2014 Sanford Real Estate & Investment, LLC and www.SanfordREI.com. All rights reserved. No part of this website may be reproduced, distributed, or transmitted in any form or by any means, including photocopying, recording, or other electronic or mechanical methods, without the prior written permission of the publisher John Sanford, Managing Member of Sanford Real Estate & Investment, LLC.