Are You Serious about Buying a New Home?

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!

K

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!!”
  -Bob

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