Locating a Down
Payment
If
you are a saver, and many of you are, than the need to locate a down
payment will not be an issue for you.
But
there are also many of us out there that have not had the luxury to save
as much as we would have liked for various reasons. With this challenge
at hand, we will need to track down a source for a down payment.
If
you have excellent
credit, and when I say excellent, I mean your credit
history is perfect without a blemish on it, you will most likely be
able to apply
for a mortgage with 100%
financing, if you choose to go that route.
A
lot of lenders
offer this product,
and if you can swing it, than you won’t need to come up with any
cash for a down payment, and you will only be responsible for closing
costs.
If
you are unable to go with 100% financing, here are a few ideas you might
look into to come up with a down payment.
Retirement
Plans
If
your employer offers a retirement
plan such as a 401k,
you might want to consider borrowing from it to help out with your down
payment. Most 401k plans offer this option for home purchasing reasons.
You do however have to pay this money back on a monthly basis.
The
down side to using a 401k plan is that when you pay the loan back, you
are doing it with after tax dollars.
With
that being said, it is still worth looking into, and a lot of people consider
this option.
Family
When
all else fails, ask family
members to give you a helping hand. This is not an uncommon practice
among newlyweds who often approach their parents for assistance
with their down payment.
If
this is not for you, I understand. It can be tough to swallow your pride
and approach family members to help you out.
Save
If
you are at the end of your rope, and there doesn’t seem to be any
down payment money in sight. You just might have to bight the bullet,
start saving, and wait it out.
A
great way to jump start your savings is with your tax
return money. Depending on what your return is and what percentage
the lender requires you to put down, your tax return could have you in
the door sooner than you think.
No
Downpayment Home Loans
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