What are come creative ways to come up with a down payment in this market. I have only $10,000 so far and

Asked by Lucinda, Monterey, CA Fri Feb 22, 2008

need $70,000 more.

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5
Lori Jakubow…, Agent, Monterey, CA
Mon Jun 14, 2010
FHA financing requires 3.5% down based on the purchase price. So it really depends on the purchase price of the property you would like to buy. Like some of the other posts...you can have a family member gift you the down payment. However you will still need some money on hand to pay closing costs, unless you ask the seller to pay those. Now, getting them to pay will depend on the area you live in, the purchse price, and if the closing cost credits are a customary credit given by sellers in your area. Remember this is a negotiated part of the contract. My suggestion is to find an experienced REALTOR in your area that can help you draft an offer, and help you find an experienced lender that will find a loan product that will fit your financial needs.
0 votes
Don Tepper, Agent, Burke, VA
Sun May 25, 2008
As the others advise, you shouldn't need that much of a down payment.

You don't indicate whether you're asking about a specific property on the market, or just in general. For a specific property on the market, follow the advice below and your down payment should be far less.

If you're talking in general about buying a house (even an expensive house), there are dozens of creative ways to buy a house with very little money out of pocket. These range from lease-options and subject tos to equity sharing and owner financing.

In any case, though, talk to a good mortgage broker. Find out what you can afford, and what programs are out there. That's your first step.

Good luck.
0 votes
Marcell Harr…, Agent, Salinas, CA
Sun May 25, 2008
I have thoughts, but I am curious to why such a big down payment is needed and if this much is really necassary? Please advise me on why this is. As well i do have investors whom will work with you on this type of dollar amount. Contact me if you have any questions
0 votes
Martin Johns…, , Burbank, CA
Thu Apr 17, 2008
This is a great question. I would challenge you by asking some questions. Why do you need $80,000 for a down payment? Recently the both conforming and FHA loan limits have been raised. If you qualify, you may be able to buy a home with around 3% down.

In Los Angeles county FHA loan limits (as of 4/2008) are approximately $729,000, and the required down payment is 3%.

Find a great real estate agent and mortgage broker who can guide you through the process. It may be a lot easier to buy a house than you think!

You can search for FHA loan limits for your county at HUD's site:
https://entp.hud.gov/idapp/html/hicostlook.cfm
0 votes
Lore Lingner, Agent, Carmel, CA
Wed Apr 16, 2008
Perhaps you have a family member who could "gift" a portion of the down-payment, or participate in an equity sharing arrangement.
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