Your Down Payment

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Lots of buyers qualify for various loan programs, but they can't afford a large down payment. Below are a few methods that will help you put together your down payment

Slash the budget and build up savings. Scrutinize the budget to find extra money to go toward your down payment. Also, you can look into bank programs through which a portion of your paycheck is automatically placed into savings each pay period. Some practical approaches to put together funds include moving into a residence that is less expensive, and skipping your family vacation for a year or two.

Sell items you do not really need and get a second job. Maybe you can find an additional job and save your earnings. In addition, you can put together an exhaustive list of items you may be able to sell. Unused gold jewelry can bring a good amount from local jewelers. Maybe you have collectibles you can put up for sale on an auction website, or household items for a tag or garage sale. You might also research what your investments will bring if sold.

Tap into your retirement funds. Check the parameters of your retirement plan. You may take out money from a 401(k) for you down payment or withdraw from an Individual Retirement Account. Be sure you understand the tax ramifications, repayment terms, and early withdrawal penalties.

Ask for a generous gift from family. First-time buyers sometimes get help with their down payment help from giving parents and other family members who are eager to help them get into their own home. Your family members may be pleased to help you reach the goal of owning your own home.

Learn about housing finance agencies. These types of agencies extend provisional loan programs to moderate and low income borrowers, buyers interested in sprucing up a home within a targeted part of the city, and additional groups as specified by each finance agency. Financing with this type of agency, you probably will get a below market interest rate, down payment assistance and other incentives. These kinds of agencies can assist you with a lower rate of interest, get you your down payment, and provide other benefits. These non-profit agencies to build up the value of homes in specific neighborhoods.

Explore no-down and low-down mortgages.

  • FHA mortgage loans

    The Federal Housing Administration (FHA), which is part of the U.S. Department of Housing and Urban Development (HUD), plays a vital part in helping low to moderate-income individuals get mortgage loans. Part of the United States Department of Housing and Urban Development(HUD), FHA (Federal Housing Administration) assists homebuyers in getting home financing. FHA aids first-time buyers and others who may not be able to qualify for a conventional mortgage loan by themselves, by providing mortgage insurance to the private lenders. Interest rates with an FHA mortgage are normally the market interest rate, but the down payment with an FHA mortgage will be below those of conventional loans. Closing costs might be financed in the mortgage, and the down payment may be as low as 3 percent of the total amount.

  • VA mortgages

    VA loans are backed by the Department of Veterans Affairs. Veterens and service people can benefit from a VA loan, which generally offers a competitive interest rate, no down payment, and limited closing costs. Although the VA doesn't actually provide the loans, it does issue a certificate of eligibility to apply for a VA mortgage.

  • Piggy-back loans

    A piggy-back loan is a second mortgage that you close at the same time as the first. In most cases the first mortgage covers 80% of the cost of the home and the "piggyback" is for 10%. The homebuyer pays the remaining 10%, instead of coming up with the usual 20% down payment.

The satisfaction will be the same, no matter which method you use to come up with your down payment. Your new home will be well worth it!
Need to talk about the best options for down payments? Give us a call: 503-753-7577.

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