Types of Agents
How to Select an Agent
Prequalified or Pre-Approved
7 Reasons to buy a home
Moving with Teenagers
How to Find a Home
50 "Things To Watch"
when viewing a home
8 Types of Loans You Should Know
What is a Sales Contract
Finding Quality Inspectors
10 Ways to Ascertain a Down Payment
How Lenders Approve Loan Applicants
Definitions of Closing Costs
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-10 Ways to Obtain a
Down Payment- Creative Financing
You just found the home of your dreams, but you need more money or
you can't have it. Major problem, however here are ten surefire methods
for ascertaining a larger down payment, and getting that home.
1. Receive a gift -From your parents,
lovers, or anyone who will; documented by a "gift letter" stating
that you do not need to repay the debt. Often, parents want to help
their children, all you need to do is ask! This move effectively
raises your down payment without increasing your debt load figured
into your original pre-approval.
2. Borrow Against a Life Insurance Policy - Insured
collateral for the lender.
3. Borrow Against Stocks and Bonds- Avoid
the capital gains, used for collateral.
4. Borrow Against a Company Pension Plan (401K)
- If you remove the money there are usually penalties
and taxes.
5. Cash in a Retirement Savings Plan - You
may have to pay penalties, check with your provider.
6. Ask Current Employer for Cash Advance-
This can usually be asked for in lieu of next years raise, sick
time, or vacation time.
7. Advance on Future Inheritance- Don't
Make Grandma Mad. Often, relatives want to help their children,
all you need to do is ask!
8. Use your own Business as Collateral-
Default on your loan = Lender owns a business. Only works for businesses
with positive cash flow and financial statements.
9. Team Up With Cosigners- Trade equity
in your home for signers. The more standup folks you can get to
sign on the dotted line the more a lender will trust you too!
10. Sell Personal Possessions- Usually
the last option. However, cars, diamonds, antiques, collectibles,
and jewelry can fetch enough money to boost your down payment.
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