Are you thinking about buying a new home? Gone are the days of 100% financing with zerodown payment. So if you are not sitting on a pile of cash, the idea of finding the money to paythe down payment
Tips To Save For A Down Payment
Are you thinking about buying a new home? Gone are the days of 100% financing with zerodown payment. So if you are not sitting on a pile of cash, the idea of finding the money to paythe down payment might feel daunting. But there are simple ways to raise the cash needed toget into a new home.
- Assess Your Current Assets - The first step is to determine what cash you might haveavailable right now. Do you have a savings account or perhaps a 401k*? Are you nursinga pet project, like a vintage car or motorcycle, which could be sold for additional cash?
- Explore Loan Options - Not all home loans require the typical 20% down payment. FHAand VA loans are available for qualified buyers which allow a very low/no downpayment.
- Ask For Help - Some loans allow you to use gift funds from relatives for the downpayment. There are also local and state programs which offer down payment assistanceand second loans.
- Employment Incentives – Some cities and counties offer help with buying a home forteachers and first responders. If you fall into one of these categories, speak with yourlender about options for down payment assistance.
Buying a new home is a great way to add to your financial security. Building equity with aproperty is one way to build wealth while providing for you and your family. Finding the downpayment might be easier than you think. If you are ready to explore homeownership, meetwith a lender and discuss your unique situation.
Contact me Your South Florida Agent for a consultation and let's get you on the path to homeownership