I am not a betting person. I work too hard for my funds to want to gamble, with my money or your money. The best way I can think of to explain what a down payment is to think of it as anteing up to play poker. You need to have some skin in the game to keep playing.
There are some programs where the “own funds” requirement is only 3%, the balance can come from a gift or a secured loan.
Keep in mind a secured loan must be reported as existing debt.
The truth is, there is a lot to know on this subject, but you don't have to figure it out all on your own.
Leave me a comment or send me a message and we can go over all of your questions.
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