Helpful information on where to find down payment money for a home
Your down payment can come from many different sources. When people find a home they like they sometimes get creative to come up with the cash needed to buy a home. If you don’t have enough money in the bank then the obvious solution is to borrow the money.
Borrow money for your down payment
When it comes to finding money for your down payment on your home purchase borrowing money might be a quick and easy solution. Most people don’t realize the numerous sources you can borrow money for a down payment. Here is a list of ideas you might consider. If you don’t ask you won’t receive.
- Relatives (Mom, Dad, Grandparents, Sister, Brother, Cousin, Uncle, Aunt, etc…)
- IRA (Before you borrow from your IRA you need to check with the company that manages your IRA for rules and details.)
- Credit Card
- Vehicle Title loan
- Line of credit from a bank
Sell Something of Value
Sometimes the easiest way to come up with money fast is to sell something of value. Many people don’t realize how much value in personal items that people have that are worth a lot of money. Sometimes there is something of significant value that has been forgotten. Some examples are below.
- Land (Lake lot, property)
- Music Equipment
- Jewelry (Wedding rings, bracelet, diamond earrings, necklaces, etc…)
- Rare Coins
- Office Equipment
You can sell the above items in a garage sale, Craigslist, local newspaper, etc…
Trade Something of Value for Your Down Payment
When dealing directly with the owner of the home, there is a chance that the owner would consider taking something in trade. The owner might be willing to take something of value as a down payment or partial down payment. It never hurts to ask. Trust me when I tell you it is possible.