Your Down Payment

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Many buyers qualify for various loan programs, but they can't afford a large down payment. Start here

Tighten your belt and save. Turn your budget upside-down to uncover extra money to go toward your down payment. Also, you can look into bank programs in which some of your take-home pay is automatically deposited into a savings account every pay period. You could look into some big expenses in your spending history that you can live without, or trim, at least temporarily. Here are a couple of examples: you may move into less expensive housing, or skip a vacation.

Work more and sell items you do not need. Try to find a second job. This can be rough, but the temporary difficulty can help you get your down payment. In addition, you can put together an exhaustive inventory of items you may be able to sell. Unused gold jewelry can bring a good price from local jewelers. You might have collectibles you can put up for sale on an auction website, or quality household items for a garage or tag sale. You can also look into what any investments you own may bring if sold.

Borrow from your retirement plan. Investigate the parameters of your specific plan. You can borrow funds from a 401(k) plan for a down payment or withdraw from an IRA. Make sure you understand the tax ramifications, repayment terms, and any penalties for withdrawing early.

Ask for help from generous members of your family. Many homebuyers sometimes receive down payment help from gracious parents and other family members who are eager to help get them in their own home. Your family members may be eager to help you reach the goal of owning your own home.

Learn about housing finance agencies. Provisional mortgage loan programs are offered to homebuyers in certain situations, like low income purchasers or people looking to renovating homes in a specific neighborhood, among others. With the help of a housing finance agency, you may be given a below market interest rate, down payment assistance and other perks. Housing finance agencies may assist eligible homebuyers with a lower rate of interest, help with your down payment, and offer other assistance. These non-profit programs to build up community in particular areas.

Research no-down and low-down mortgage loans.

  • FHA mortgage loans

    The Federal Housing Administration (FHA), which functions as part of the U.S. Department of Housing and Urban Development (HUD), plays a significant part in aiding low to moderate-income individuals qualify for mortgage loans. An office of the U.S. Department of Housing and Urban Development(HUD), FHA (Federal Housing Administration) assists individuals in getting home financing. FHA provides mortgage insurance to private lenders, enabling new homebuyers who might not be eligible for a conventional mortgage loan, to receive financing. Down payment sums for FHA loans are lower than those with conventional mortgages, even though these loans have average interest rates. The required down payment can go as low as three percent while the closing costs can be covered by the mortgage.

  • VA mortgage loans

    Guaranteed by the Department of Veterans Affairs, a VA loan qualifies service people and veterans. This specialized loan does not require a down payment, has minimal closing costs, and provides a competitive interest rate. Even though the loans aren't actually provided by the VA, the department certifies borrowers by issuing eligibility certificates.

  • Piggy-back loans

    You may finance a down payment using a second mortgage that closes with the first. Usually the piggyback loan is for 10 percent of the home's price, while the first mortgage finances 80 percent. The homebuyer covers the remaining 10%, rather than come up with the usual 20% down payment.

  • Carry-Back loans

    We a seller carries back a second mortgage, the you borrow part of the seller's home equity.. In this scenario, you would borrow the largest portion of the purchase price from a traditional mortgage lending institution and finance the remainder with the seller. Usually this kind of second mortgage has higher interest.

The satisfaction will be the same, no matter which approach you use to come up with the down payment. Your brand new home will be your reward!

Want to discuss down payments? Give us a call at 817-616-3651.

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