How To Come Up With A Down Payment

How To Come Up With A Down Payment

Coming up with a down payment for your first home may seem difficult but there are several ways to get that down payment. If you're going for an FHA loan you may not only need 3.5% of the value of the house. A conventional may need up to 20% but check with your loan officer on the type of loan and exactly how much you'll need to put down. Here are some ways to come up with a down payment.

#1. Down payment assistance programs.Image title

There are numerous programs to help first-time buyers. These programs are available in just about every county and city across the country. There are requirements however for eligibility, credit history, and housing requirements but often times these down payment assistance programs can help with up to 3% of the purchase price of the home. This would leave you with just .5% needed for a down payment on an FHA loan.

#2. Sell something.

Often times selling something or having a garage sale with big-ticket items can really help you get the money you need for a down payment.

#3. Sell taxable investments.

Consider cashing in stocks, bonds, mutual funds or other taxable investments. It's better to cash out these than IRAs or 401(k)s that really will help in retirement. Plus, cashing out those investments can come with stiff penalties.

#4. Ask for help.

Many first-time homebuyers can receive a gift of up to $10,000 tax-free. This cannot be alone, however, because lenders don't want to see you take on any more debt in order to buy the house. You may be able to get help from friends or family.

#5. Ask your employer.

Many companies or universities and even state or local governments have specific programs to help their employees with down payments. Check with the human resources department and if you are applying for a new job you might ask your employer to include down payment assistance as part of your compensation package.

For more information and ways to save for a down payment for your first home feel free to give me a call at any time.

Marcus Brown Headshot
Phone: 503-957-1179
Dated: March 9th 2017
Views: 77
About Marcus: ...

Property Search

RSS Feed

View our latest blog posts in your RSS reader. Click here to access. RSS

Search Blog

Recent Blogs

Fed ECB Highlight The Week - Overview: Two major central
Backyard Summer Entertainment Ideas - Backyard Summer Entertainment
Lane County Real Estate Market Builds - The sellers’ market in Lane

Our Bloggers

Saved Properties

This is a list of your favorite properties. We will email you if a property is reduced or leaves the market.

Click 'Save' to add a property to this list.

Register / Login

New & returning visitors please enter your information to login.

By clicking 'register' you are agreeing to our terms of use & giving us expressed written consent to contact you.

Questions? Comments? Complaints?

This message will go directly to the head of our team.

Location & Address

Lakecrest Realty Group

Seattle, WA