Many lenders will try to sell you no money down loans, or down payment assistance loans, but it is likely that these loans will have higher interest rates and more costs.
If you can come up with a down payment, in some instances as little as 1% of the sales price, you may be able to get the lower rates and costs.
Here are some ideas of allowable down payment sources:
1. Cash from your own accounts
2. Borrow from your 401k plan
3. Gift from a relative
4. Co-signer on the loan
5. Gift of equity if purchasing from a family member
6. Bonus from your employer
A gift from a non-relative or a contribution from the seller cannot be used for down payment. The seller, however, can contribute to your closing costs.
Contact us if you have any questions or need help qualifying for a loan with a down payment.
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Counsel Mortgage Group®, LLC
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