Down Payment Loans and Gifts
Loans and gifts can help with your down payment but you can not use this strategy for all
loan programs. The most popular program for this tactic is the Federal Housing
Administration or FHA. FHA allows 100% gift funds for your down payment. The gift can be
from any relative or can be collected through new innovative programs, like the Bridal
Registry where couples receive money into an account that can be used for the down
payment.
Another popular tactic, which can be used in a wider range of programs, is to borrow from
your 401K program. If you have a 401K program with your employer, you can withdraw without
a penalty for your down payment and pay it back over a specified period. There are some
drawbacks, the payment will be used in qualifying and your 401K account will not continue
to grow as fast. Even with these drawbacks, it is often a smart move if this is your only
option. |
Down Payment
Low Down Payments
Down Payment Loans and Gifts
Qualifying For Low Down Payments
Down Payment Assistance
|
