Dover DE Home Buyers- 10 Ways To Come Up With A Down Payment

Real Estate Agent with Keller Williams Realty

With lenders tightening up on loan requirements, Dover DE home buyers are looking for creative ways to save the needed down payment when buying a home. Below are 10 Ways To Come Up With A Down Payment, according to

1. Ask for help.
Parents or other relatives may all be willing to give you the money needed for your down payment. If a gift isn't feasible, maybe they would be willing to co-sign the loan.

2. Use your other assets.
Selling or borrow money against things like cars, boats or bicycles, as well as stocks, or trinkets, such as heirlooms, or vintage trading cards.

3. Use your life insurance.
If you have life insurance with any built-up value, you could cash in that value, or possibly borrow against it.

4. Use an IRA.
If you are a first-time homebuyer, you can take out $10,000 from your IRA, penalty-free, to put toward your home purchase.

5. Use retirement funds.
You can also borrow against your retirement funds.

6. Help from a non-profit.
Sometimes, you can get help from a non-profit organization, such as a church. There are loans out there that will let you put a lower down payment down, as long as a non-profit organization puts in part.

7. Increase your income.
You can do this by getting a second job, or doing some freelance work.

8. Utilize tax exemptions.
If you can make it work, change your withholding taxes in anticipation of being able to deduct the interest. This will give you more take-home pay, which you can start saving!

9. Offer to give something other than cash for the down-payment.
This could include offering the seller something like a car or a boat in lieu of the down payment, or it could be your services; for example, you could offer to do landscaping in the person's new home, or give them automobile services, or do their taxes!

10. Alternative loan programs.
You can look for options that don't require a large down payment. Such options include loan programs such as VA or FHA. Another option is to purchase a foreclosure property, which can often be had with little or no down payment.

You can also consider getting an 80:20 loan, where you essentially have two loans; one is the regular mortgage on the property, and the other is a loan for the down payment - even through these are separate loans, they often come from the same lender.

For more information about Dover DE real estate, please visit or call me at 302-677-1335.  To receive complimentary automated emails containing new listings that match your criteria, please click here.


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Pam Joffe
Solaris Realty - Tampa, FL
Hi Candace - Thanks for the ideas, I will share them with my buyers if they run short on their downpayment.
Feb 25, 2008 11:35 PM #1
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Candace Smith

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