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Here are 6 ways to come up with a down payment on a home. You probably already know some of them, but maybe the others will be helpful.
- Save
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, be patient. If you need $2,500 and you save $100 a month, you can have the money in just a couple of years.
- 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. You can always get another boat later.
- Get a gift
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 local on their home -- to help you get a home.
- Borrow against assets.
If you go to a bank and get a personal loan, that obligation will be considered a liability and could have a negative effect on your getting home financing. But if you can borrow money against a 401(k) plan, a profit sharing plan, a life insurance policy, or a savings-and-investment plan, the amout you borrow will not be considered a liability. It's a way to pull the "cash value" on one or more of these plans to work for you now.
- 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 force reserves, you might still qualify for a no-down-payment loan under the FHA/Vet Loan Program.
- Get a Total Acquisition Loan.
If you're not trying for an FHA-guaranteed loan, you might qualify fo 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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