See the short video on sources of down payment for the purchase of your home. Great tips inside.
Buying a home is exciting and challenging. One of the most common things that stops buyers of a home purchase is obtaining a Down Payment!
Most buyers run short of down payment funds or just don’t have enough to put down for various reasons. The more you put down, the better the terms are for the loan and it lowers your monthly payments.
Here are the 5 most common sources for obtaining a down payment, whether it is a 3.5% down (for FHA loans) or 20-30% for conventional loans or a 0% down VA loan. On Va loans, even though it is a 0% down loan, the buyer will need enough funds for closings costs, tax and insurance deposits and any other upfront costs like Appraisal and Inspections fees etc.
1. Saving and Checking accounts.
2. Gift from parents/family/friends
3. Retirements accounts.
4.Grants and Assistance from City/County Programs.
5. Inheritance and Trust accounts.
Click on this link to get a complete of list of other sources:
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courtesy of :
Mahesh Mike Patel
First Team Real Estate
License #: 01146880