First Time Homebuyers | 7 Ways To Get A Down Payment For Your New Home
Considering the uncertainty of the current job market and the mortgage lending scrutinization that has taken place I found it beneficial to share some ideas on how to obtain a down payment for that dream home you found this past weekend.
1) Save Your Tax RefundDepending on your tax situation you can either change your deductions to receive a larger return or if you have already received your return..put it in your sock drawer and don't spend it!
2) Borrow From Parents
I know this is easier said than done but if you can either ask for a personal loan at a lower interest rate than what the bank may charge or consult your tax advisor as to how your parentals can gift you the funds and still receive a tax break themselves.
3) Save via Dollar Cost AveragingNo matter what the market is doing find a "set" amount or percentage from your paycheck that you can save every two weeks in a low interest bearing savings account. The power of compounding interest over a period of time will prove beneficial to padding you down payment account.
4) Have a Garage SaleIf you are anything like me you have a garage full of stuff that you are holding onto for a rainy day or for some sentimental reason. Take it from me, I got over my sentimental issues and made a quick $1500 in half a day. Take your sentiment and use it towards an investment for the future, you will enjoy it much better!
5) Ask Seller to Give it to You
Considering where the market stands today you may be surprised as to how effective this is. If you agree to the asking price than all that does is give you more power in asking for the down payment. Sellers are ready and willing to do whatever they can to get out from under their current situation. Be sure to consult your mortgage advisor for there may be rules and or restrictions that prohibit this..
6) Check Out Government ProgramsIf you' have served our country in the armed forces, first of all THANK YOU! Secondly, you may qualify for a VA loan which is backed by the Veterans Administration. There are also a number of down payment assistance programs for first time home buyers see: http://sandiegospreferredlender.blogspot.com/ .
7) Find a secondary source of income
Depending on your current job status you may be able to find some additional means of work that can again pad your existing down payment. Keep in mind its only a short term event that could change the rest of your life.
8) Ask for a Raise
When is the last time you sat down and reviewed your current position with your immediate supervisor and requested a raise based on your performance? Try it and if it doesn't work don't be afraid to beef up your resume and look for a similar position that pays you for what you are worth. Note of caution though-be sure to stay in the same line of work so that when it comes time to be pre-approved that you are still in the same line of work!
1) Save Your Tax RefundDepending on your tax situation you can either change your deductions to receive a larger return or if you have already received your return..put it in your sock drawer and don't spend it!
2) Borrow From Parents
I know this is easier said than done but if you can either ask for a personal loan at a lower interest rate than what the bank may charge or consult your tax advisor as to how your parentals can gift you the funds and still receive a tax break themselves.
3) Save via Dollar Cost AveragingNo matter what the market is doing find a "set" amount or percentage from your paycheck that you can save every two weeks in a low interest bearing savings account. The power of compounding interest over a period of time will prove beneficial to padding you down payment account.
4) Have a Garage SaleIf you are anything like me you have a garage full of stuff that you are holding onto for a rainy day or for some sentimental reason. Take it from me, I got over my sentimental issues and made a quick $1500 in half a day. Take your sentiment and use it towards an investment for the future, you will enjoy it much better!
5) Ask Seller to Give it to You
Considering where the market stands today you may be surprised as to how effective this is. If you agree to the asking price than all that does is give you more power in asking for the down payment. Sellers are ready and willing to do whatever they can to get out from under their current situation. Be sure to consult your mortgage advisor for there may be rules and or restrictions that prohibit this..
6) Check Out Government ProgramsIf you' have served our country in the armed forces, first of all THANK YOU! Secondly, you may qualify for a VA loan which is backed by the Veterans Administration. There are also a number of down payment assistance programs for first time home buyers see: http://sandiegospreferredlender.blogspot.com/ .
7) Find a secondary source of income
Depending on your current job status you may be able to find some additional means of work that can again pad your existing down payment. Keep in mind its only a short term event that could change the rest of your life.
8) Ask for a Raise
When is the last time you sat down and reviewed your current position with your immediate supervisor and requested a raise based on your performance? Try it and if it doesn't work don't be afraid to beef up your resume and look for a similar position that pays you for what you are worth. Note of caution though-be sure to stay in the same line of work so that when it comes time to be pre-approved that you are still in the same line of work!
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