If so, then you’d best be serious about putting together enough cash for a down payment. The minimum amount required depends upon the type of financing you’ll be using- VA, FHA, Contract, RD, Cash or Conventional. (If you’re unsure then give me a call and we’ll come up with the best strategy for your situation!)
Ok, here’s 10 Ways to Get Your Downpayment—
- Save it. Takes a budget and some discipline. Set a goal and go to work!
- Borrow from your 401k. (No taxes due going this route.)
- Withdraw from your 401k.
- Sell that extra car or truck.
- Sell some other asset you own. I’ve seen people sell all kinds of things to raise money for a down payment- baseball card collection, horse tack, boat, stocks, bonds, and more. Be creative!
- Borrow against your car, truck, boat, life insurance policy, credit card, etc.
- Gift from family.
- Sell a house.
- Take out a second mortgage or home equity line of credit on a house you own.
- Combine two or more strategies- divide and conquer!
P.S. If you want to talk through any of these ideas just give me a call. I’ll be happy to help.
“I work harder to make good things happen!!”