Home Buying in Waterbury>Question Details

Homebuyer, Home Buyer in Waterbury, CT

how do most people come up with the down payment on a home?

Asked by Homebuyer, Waterbury, CT Mon May 23, 2011

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9
Seriously?

Well- unless they have parents or family that can help, most people simply save money....they make a budget, and live within their means while putting money aside on a regular basis - not just necessarily for a down payment - as even people who never plan to buy a home should, and do, save money.............it's called planning for the future.

Best wishes..........
1 vote Thank Flag Link Mon May 23, 2011
If you are looking to purchase a home in the Waterbury area, I know a local bank that offers 100 percent financing. You may contact me at 203-558-7550 for more info. Cindy Gaffney, Realty Group of New England, Naugatuck,Ct
0 votes Thank Flag Link Sun Dec 30, 2012
There are some great answers below, and certainly, your own savings over time is key, If you have a 401K, that may be worth looking in to. There are still a few programs here and there offering full financing to those who meet the criteria and qualify. The financing can be available for homes that need to be rehabbed as well as those in move in condition. 100% can be a frightening place to be however, as you have no equity in the home - and the future is unpredictable!
Please feel free to drop me a line, and I can put you in touch with some fabulous lenders in our area that can help guide you.

Cheryl Madden, Calcagni Associates
203-284-1822 x 205
0 votes Thank Flag Link Fri May 27, 2011
Here is a link to an article showing you ways to come up with a down payment:
http://www.box.net/shared/4pq5fsxvd3
Hope it is helpful
0 votes Thank Flag Link Thu May 26, 2011
There are a lot of different ways to come up with a down payment if one is needed at all. Some loans in my area are either 100% loans or a combo that totals 100%, so consider moving here, HAHAHA.

Next, check out grants or forgivable seconds, again these are usually local or regional, I know of 5 in my area another good reason to move here.

Secured financing is allowed as a source on many mortgages, like a loan from your credit union against a car or something of value. Unsecured loans are not, like from a family member. Gifts from a family member are allowed on most mortgages but the rules vary from loan to loan. Employers are allowed to pitch in.

Hook up with a good Realtor and then have them introduce you to the lender they trust the most. The entire process is more difficult than it has been since my parents became Realtors back in the 60’s so teamwork is essential. Choose your Realtor wisely and then follow their suggestions. Most buyers and sellers get in trouble when they ignore the advice of the person they hire to guide them. In EVERY problem I have watched from the outside that has been the case, no exceptions so far. If you have any questions on my comments shoot me a message from my profile, god luck.
0 votes Thank Flag Link Thu May 26, 2011
These days first time home buyers often rely on their parents for a gift or loan, older home buyers will usually take money from savings or out of another investment. Unfortunately most people don't have much equity in their homes to transfer to their next home purchase.
0 votes Thank Flag Link Thu May 26, 2011
There are some banks that will help you, HSBC for example, has a matching grant program for first time home buyers I believe. You should contact them and see. Also, many areas have non-profit organizations have similar programs. Morris County New Jersey has our 'Housing Partnership' that provides education, down payment assistance and even some grants. Check with your State and County Housing Organizations and see what might be available to you.
0 votes Thank Flag Link Mon May 23, 2011
Many buyers do tap their savings account for the downpayment....
0 votes Thank Flag Link Mon May 23, 2011
Hello Homebuyer,
I believe that most home buyers have some savings built up and they also may have money earned from investments to use towards their down payments.
Sometimes buyers are gifted some funding through a relative.
Hope this is helpful.
Good luck!

Laura Feghali
Prudential Connecticut Realty
0 votes Thank Flag Link Mon May 23, 2011
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