Expert Tips for Home Buyers & Sellers

As your San Diego County real estate agent Andrea Manroe, I want to be your resource for all things real estate. Whether you are buying, selling, or investing in real estate, I am here to guide you through the process. Subscribe to this blog to learn all of the latest news from our local market and receive expert tips for buying or selling a home.

Friday, April 14, 2017

5 Ways to Secure a Down Payment

Today I want to share five great ways to get the down payment you need to purchase your dream home. 

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There are five creative ways you can get the down payment you need to purchase your dream home.

First, if you’re getting married, crowdsource instead of doing a wedding registry. You can raise money for your down payment by using sites like Kickstarter or Feather My Nest.

Next, you can ask the seller to help with closing costs. There are a few different options with seller concessions, so make sure you ask your real estate agent what the best strategy is to get that extra financial nudge from a seller.

You can also look into government options. HUD housing offers different down payment and closing costs assistance depending on what you qualify for.

You should also check with your employer to see if they offer Employer Assisted Housing or EAH, which can help with down payment assistance. Access to EAH sometimes depends on the area you are looking to buy in, but it’s worth checking out.

Finally, check with your lender. They might be able to find a down payment assistance program that will work for you.

You don’t need a 20% down payment to purchase a home.
It’s a common belief that you need 20% for a down payment. However, you could get into a new home for as little as 3.5% down. To get a better idea of what your options are, make sure you talk to your lender and your real estate agent.

If you have any questions about purchasing or selling a home or you have any other real estate questions, don’t hesitate to give me a call or send me an email. I’m always happy to help!