How can I get money for down payment?


When you feel ready for homeownership and the rates are really low, only the money for down payment can stop you from buying your first house.

Some Sources For Getting Money For Down Payment

  1. Your down payment money can easily come from your parents, or other relatives as a gift. Many loan programs allow gift funds to be used towards the down payment.
  2. Another source to fund your down payment is through state assistance housing programs, dedicated private or government down payment assistance programs, or special programs targeting your particular group - be it a policeman, a teacher, or a minority group member, or simply a first-time homebuyer there are good chances a specific federal or state program has been developed to make your life easier in regards to money for down payment and achieving homeownership.
  3. Your retirement plans also can be used to fund down payment. Truth is, you have to be careful not to exhaust your 401k funds, and your employer may disagree. Also, if you have a partner or a spouse - that basically doubles your money for down payment and you could both tap only slightly your retirement funds.
  4. Well, if you didn't get your down payment money using one of the techniques described above, use your imagination and get a second job, or sell the stuff you no longer need through eBay.
Mortgage rates hit their lowest since 1955. Ask the home loan experts we recommend Quicken Loans how to take advantage of them.
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