Creative Ways to Come up With Down Payment to Buy Your New Home

By
Real Estate Agent with Long & Foster Hampden MD RE License 579412

Creative Ways to Come up With Down Payment

To Buy Your New Home

Many first time homebuyers are faced with the challenge of coming up with the downpayment to purchase their first home.  

You know you will eventually want to purchase a home so start young.  Parents set your children up with a custodian account in school and teach them about saving from an early age.  The importance of choosing.  My youngest had an account from the age of 7.  The bank would come in to his school at lunch time and take deposits from the kids.  So, he was able to choose between using his pocket money to buy that toy or save it for later.  But, not everyone had this benefit.  So, where to start from here?

Depending on your income and where you want to buy your new home, you may be able to get down payment assistance through a governing body.  Be sure to seek out a Realtor and lender who understand these programs when you are starting the process. 

You can borrow from your IRA.  You, your spouse, parents or grandparents can borrow up to $10,000 from an IRA to put towards a home. 

You can receive a gift.  The amount a family member can gift you depends on the loan type and you will need supporting documentation from the family member that is loaning you the funds.  Your lender will tell you what forms you need. 

You could Co-Buy a home with a family member or friend.  The challenge with this is how do you take title to your new home and will require coordination between your lender and title company or attorney.

You could seek out a Rent to own situation.  If you are purchasing a home built after 1978 there are some companies that will help you purchase that home you want and work with Realtors, like me.  There are other rent to own options as well. 

A really creative option you may consider, for birthdays or if you are getting married.  Ask guests to put funds into an account for the purchase of your home.  A money tree at parties for these events is also a good option.  

Considering these options you will soon be a homeowner!!  Let's talk today and plan for your future. 

Posted by


If you are thinking of buying or selling an home in  Maryland give us a call at 410-292-0100 or start your search here and we'll talk about the market conditions and what your home could possibly be worth in today's market place if you are thinking of selling. If you are considering buying a home, there is no better time than now to buy. The tax savings and wealth building alone is worth the plunge into todays market.  Remax New Beginnings and I are connected with some of the brightest and best real estate agents in the world and can assist with your move here in Maryland or anywhere in the United States or abroad.  Ask me how.

June Piper-Brandon ~ Associate Broker ~ CDPE, CIAS, ePro, MRP

Long & Foster Hampden

410-292-0100 - Direct   410-889-9800 Office

City Living Expert

 

 

 

 

 

 

June Piper Brandon - Agent with Century 21 New Millennium

June Piper Brandon - Agent with Century 21 New Millennium

close

This entry hasn't been re-blogged:

Re-Blogged By Re-Blogged At
Topic:
Home Buying
Groups:
Bloggers Choice Selections
Dedicated Bloggers
It's all about them (ThemThem)
Addicted to Active Rain
Tags:
saving for a down payment
down payment help
buying a home in baltimore
buying my first home
rent to own options
how to save for a home
how do i get a down payment

Spam prevention
Show All Comments
Rainmaker
2,575,063
Myrl Jeffcoat
GreatWest Realty - Sacramento, CA
Greater Sacramento Real Estate Agent

I like your ideas for coming up with a down payment, June!  Suggesting it as a gift for a wedding or birthday is a good one.

Oct 29, 2018 06:15 PM #1
Show All Comments

What's the reason you're reporting this blog entry?

Are you sure you want to report this blog entry as spam?

Rainmaker
1,016,133

June Piper-Brandon

Piecing Dreams One Home at a Time
Take the next step in home ownership now
*
*
*
*
Spam prevention

Additional Information