Your Down Payment

In the market for a new mortgage? We will be glad to help! Give us a call at 813-966-1888. Ready to begin? Apply Now.

Lots of folks who are looking to purchase a new home qualify for several different kinds of mortgages, but they can't afford a large down payment. Start here

Cut expenses and save. Scrutinize your budget to discover ways you can cut expenses to save for your down payment. You might also try enrolling in an automatic savings plan at your bank to automatically have a predetermined portion of your take-home pay transferred into a savings account. Some practical ways to save additional funds include moving into less expensive housing, and staying local for your family vacation this year.

Sell items you don't really need and find a part-time job. Try to find a second job. This can be rough, but the temporary trial can provide your down payment money. Additionally, you can make a comprehensive list of items you can sell. Unused gold jewelry can bring a good amount from local jewelers. A closet full of small items could add up to a nice sum at a garage or tag sale. Also, you can think about selling any investments you hold.

Tap into retirement funds. Check the parameters of your retirement plan. Many homebuyers get down payment money from withdrawing funds from their Individual Retirement Accounts or borrowing from their 401(k) programs. Be sure to ask your plan representative about the tax ramifications, your obligation for repayment, and any early withdrawal penalties.

Ask for a gift from family. Many homebuyers sometimes receive help with their down payment help from gracious family members who are willing to help get them in their first home. Your family members may be happy at the chance to help you reach the goal of having your first home.

Learn about housing finance agencies. These agencies offer special loan programs to low and moderate-income borrowers, buyers with an interest in remodeling a residence within a targeted area, and other particular kinds of buyers as specified by the agency. Working through this kind of agency, you may get an interest rate that is below market, down payment assistance and other incentives. These types of agencies may assist you with a lower rate of interest, help with your down payment, and offer other advantages. These non-profit agencies exist to promote community in particular areas.

Explore no-down and low-down mortgage loans.

  • Federal Housing Administration (FHA) mortgage loans

    The Federal Housing Administration (FHA), a part of the U.S. Department of Housing and Urban Development (HUD), plays an important role in aiding low and moderate-income families get mortgages. Part of the United States Department of Housing and Urban Development(HUD), FHA (Federal Housing Administration) aids homebuyers who need to get mortgage loans. FHA assists first-time homebuyers and others who might not be able to qualify for a traditional loan on their own, by providing mortgage insurance to the private lenders. Interest rates with an FHA mortgage usually feature the market interest rate, while the down payment requirements for an FHA mortgage will be below those of conventional loans. Closing costs might be financed within the mortgage, while your down payment can be as low as 3% of the purchase price.

  • VA mortgage loans

    VA loans are guaranteed by the U.S. Department of Veterans Affairs. Veterens and service people can benefit from a VA loan, which generally offers a competitive fixed interest rate, no down payment, and minimal closing costs. While the VA does not actually finance the loans, it does certify eligibility to apply for a VA loan.

  • HomeReady by Fannie Mae

    Meet the diverse needs of today’s buyers and grow your business with the HomeReady mortgage, our enhanced affordable lending product. Designed for creditworthy low- to moderate-income borrowers, HomeReady offers expanded eligibility for financing homes in low income communities. Visit website for more details about HomeReady

  • Carry-Back loans

    In the case of a seller "carrying back a second mortgage," the seller loans you part of his or her equity. The buyer funds most of the purchase price through a traditional mortgage program and borrows the remainder from the seller. Usually you will pay a somewhat higher rate with the loan from the seller.

The feeling of accomplishment will be the same, no matter which approach you use to pull together the down payment. Your new home will be well worth it!
Need to talk about down payments? Call us at 813-966-1888.

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