Six Ways To Come Up With Your First Down Payment

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Save / Sell the Boat / A Gift from Your Parents / Borrow Against Assets /

Get a VA Loan / Get a Total Acquisition Loan

Here are six ways to come up with a down payment on a home. You already probably know some of these, but others may be helpful.

Save:

I know, it sounds so simple. And, it is. Just tell yourself you're going to put aside a certain amount of your income before you spend it on anything else. Then do it!

Have a plan and be patient. If you need $2,500.00 and you save $100.00 a month, you can have the money in just a couple of years.

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Sell the Boat:

Maybe you have a boat or some other personal property you could sell to raise money. It may be tough to part with, but if doing so will help you get the home you've always wanted, you may be smart to sell it.

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A Gift from Your Parents:

If your parents can afford to give you the money for a down payment, great. Most parents are anxious to have their children invest in a home, and if they have the money, they'll probably be glad to help.

Even if your parents don't have any spare cash, they might consider getting a home equity loan on their home -- to help you get your first home.

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Borrow Against Assets:

If you go to a bank and get a personal loan, that obligation will be considered a liability that could have a negative effect on getting home financing. But, if you can borrow money against a 401K plan, a profit sharing plan, a life insurance policy, or a savings-and-investment plan, the amount you borrow will not be considered a liability. It's a way to put the "cash value" in one or more of these plans to work for you.

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Get a VA Loan:

If you're a veteran you can buy a home with a Veteran's Administration guaranteed loan and not have to worry about a down payment at all. There is none.

Or, if you're in the armed forces reserve, you might still qualify for a no down payment loan under the FHA/Vet Loan Program.

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Get a Total Acquisition Loan:

If you're not trying for an FHA guaranteed loan, you might qualify for an FHA Total Acquisition Loan. This plan lets you finance your closing costs, too, and while it doesn't eliminate the down payment, it can reduce your up-front expenses significantly.

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John A. Benigno, ABR Long & Foster Real Estate, Inc. 355A Lancaster Ave Haverford, PA 19401-1554 Office Phone: 610-658-8900 Fax: 610-658-8901 Licensed in Pennsylvania

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