April 15, 2019
If your trying to figure out to buy a home with no money down, I’m going to give you for ways on how to do it and I’m going to do it right now! Hi everybody my name is Ty Eden and I’m not in my normal place. It is such a beautiful day here in Chicago Illinois and decided to come outside and do a little video in the field. I’m a Realtor with Exit Realty Redefined in Wheaton, IL. I’m going to talk to you today about 4 ways that you can go about coming up with a down payment to buy a house and if you need to do it quick, there’s 4 easy ways to do it.
Hey Listen if you are already wasting money renting out a house right now and you have a dream to be able to own a home. Then I tell you what, you can! It is just a matter of being able to come up with a down payment to do it. I’m going to give you 4 ways to do that and here’s how you go about doing it.
Ok so our first way is you want to look in to local or federal government programs. Now you may qualify for special government programs. Those are meant for first time home buyers and members of the military; you may also have access to aid from places like Fannie Mae and Freddie Mac which are government sponsored programs. Additional sources could be non-profits, community groups, state agencies and there’s just too many programs to list here and they expire and chance frequently so the best option is to ask a realtor to point out a few programs that apply to your area and your situation.
The second option is having the seller finance you. What a great way! Some sellers will be willing to help you buy their homes and the seller take back or holds a second mortgage for you and becomes your lender. You will make your monthly payments to the seller. That can stand to be a nice viable way of being able to buy a house without having to come up with you own money for down payment.
Third way will be using a tax refund. There are options for you to borrow money for certain investments to a specific level and use those investments to generate a significant tax refund. But timing has to be right so you can use it as a down payment on a home. You may also want to talk to your tax adviser about that type of a move as well. Now another item that you might want to talk to your adviser about is to ask a relative or a friend. Tax laws allows gifts up to $14,000 a year to be given without a tax consequence to either the giver or the recipient. The exclusion is adjusted annually so it’s kind of reflect inflation. You can even get a gift from each of you parents or two friends without them having to pay for gift tax which could mean you can come up with $28,000, wow that is a lot of money.
Great way to get a down payment for a home well in fact 1 out of your 4 first time home buyers uses a gift to make a down payment. If this is isn’t your first home purchase you can still use a gift so you don’t drain your savings. Normally lenders want to see that you still have money left in your bank account after closing that way they know that your going to be able to pay for the mortgage.
Using gifts for down payment allows you to buy a home that you want even if it’s not FHA. So, these are 4 quick ways to be able to generate that down payment for your first home.
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