Types
of Agents
How
to Select an Agent
Prequalified
or Pre-Approved
7
Reasons to buy a home
Moving
with Teenagers
How
to Find a Home
50
"Things To Watch"
when viewing a home
9
Types of Loans You Should Know
What
is a Sales Contract
Finding
Quality Inspectors
10
Ways to Ascertain a Down Payment
How
Lenders Approve Loan Applicants
Definitions
of Closing Costs
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Buyers' Resource Section:
-10 Ways to Ascertain a Down Payment-
You just found the home of your dreams, but you need more money
or you can't have it. Major problem, however here are ten surefire
methods for ascertaining a larger down payment, and getting that
home.
1. Receive a tax-free gift -From
your parents, lovers, or anyone who will; documented by a “gift
letter” stating that you do not need to repay the debt. This move
effectively raises your down payment without increasing your debt
load figured into your original pre-approval.
2. Borrow Against a Life Insurance Policy –
Insured collateral for the lender.
3. Borrow Against Stocks and Bonds- Avoid
the capital gains, used for collateral.
4. Borrow Against a Company Pension Plan –
If you remove the money there are usually penalties and taxes.
5. Cash in a Retirement Savings Plan – You
may have to pay penalties
6. Ask Current Employer for Cash Advance-
This can usually be asked for in lieu of next years raise, sick
time, or vacation time.
7. Advance on Future Inheritance- Don't
Make Grandma Mad
8. Use your own Business as Collateral-
Default on your loan = Lender owns a business. Only works for
businesses with positive cash flow and financial statements.
9. Team Up With Cosigners- Trade
equity in your home for signers. The more standup folks you can
get to sign on the dotted line the more a lender will trust you
too!
10. Sell Personal Possessions- Usually
the last option. However, cars, diamonds, antiques, collectibles,
and jewelry can fetch enough money to boost your down payment.
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