Your Down Payment

Lots of buyers qualify for a mortgage loan, but they can't afford a large down payment. Here are a few tips:

Tighten your belt and save. Turn your budget upside-down to discover extra money to go toward your down payment. You also could enroll in an automatic savings plan at your bank to have a percentage of your pay automatically deposited into savings. Some practical strategies to build up funds include moving into a residence that is less expensive, and skipping your family vacation for a year or two.

Work a second job and sell things you don't need. Maybe you can get a second job to get your down payment money. In addition, you can put together a comprehensive list of items you may be able to sell. Broken gold jewelry can bring a good amount from local jewelry stores. Maybe you own collectibles you can sell at an auction website, or quality household items for a tag or garage sale. You could also research what your investments will bring if sold.

Borrow your down payment from your retirement plan. Investigate the parameters of your particular plan. Many homebuyers get down payment money by withdrawing from IRAs or pulling money out of 401(k) plans. Make sure you understand about any penalties, the way this could affect on your taxes, and repayment obligation.

Ask for assistance from family members. First-time homebuyers are often lucky enough to receive help with their down payment help from thoughtful family members who may be prepared to help them get into their first home. Your family members may be inclined to help you reach the milestone of owning your own home.

Research housing finance agencies. These agencies provide special mortgage programs for moderate and low income borrowers, buyers with an interest in remodeling a residence in a targeted area, and other groups as defined by each finance agency. With the help of this kind of agency, you may be given an interest rate that is below market, down payment help and other perks. Housing finance agencies can assist eligible buyers with a lower interest rate, help with your down payment, and provide other benefits. The central purpose of non-profit housing finance agencies is promoting home ownership in targeted places.

Explore no-down and low-down mortgage loan programs.

  • FHA loans

    The Federal Housing Administration (FHA), which is part of the U.S. Department of Housing and Urban Development (HUD), plays a significant role in helping low and moderate-income individuals qualify for mortgages. An office of the United States Department of Housing and Urban Development(HUD), FHA (Federal Housing Administration) assists individuals in getting home financing. FHA aids first-time buyers and others who may not be eligible for a traditional mortgage loan on their own, by offering mortgage insurance to private lenders. Down payment requirements for FHA mortgages are less than those with traditional mortgages, although these mortgages hold current rates of interest. The required down payment may be as low as 3 percent while the closing costs may be packaged in the mortgage.

  • VA mortgages

    VA loans are guaranteed by the Department of Veterans Affairs. Veterens and service people can receive a VA loan, which usually offers a competitive rate of interest, no down payment, and minimal closing costs. While the loans aren't actually issued by the VA, the office verfifies applicants by issuing eligibility certificates.

  • Piggy-back loans

    A piggy-back loan is a second mortgage that closes with the first. Most of the time, the first mortgage is for 80% of the purchase price and the "piggyback" is for 10%. The homebuyer pays the remaining 10%, rather than come up with the typical 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 finance the largest portion of the purchase price with a traditional mortgage lender and finance the remainder with the seller. Often, this type of second mortgage will have a higher rate of interest.

No matter your method of putting together your down payment, the satisfaction of reaching the goal of living in your own home will be just as sweet!

Need to talk about your down payment? Give us a call: 8014134570.

Mortgage Questions?

Do you have a question regarding a mortgage program?

Contact Information
Your Question

Integris Loans

9980 S 300 W Ste 200
Sandy, UT 84070