5 Creative Ways to Come Up With a Down Payment

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1. Make sure that any gift money that you may use comes from an immediate family member - Do not use gift money from a friend!! It is bound to get too complicated.
2. Taking money from your retirement equity is an amazing way to purchase another home.  When taking a home equity loan or a refinance, you must leave 15% equity in the home, therefore 85/15 loan to value.
3. This is obvious and effective!  You can sell anything and use the funds towards your down payment.
4. If you have just come into a lot of money and are not quite sure what to do with it, investing it in real estate is a very smart decision.
5. This is super creative!  Don't know if it is the best idea to borrow money for a purchase of a home, but if it is your only option go ahead.  Owning is better than renting.  Make sure you calculate all the monthly expenses and make sure you will be able to afford the mortgage, taxes, utility expenses, and loan payments!

Hope you got some good ideas on how to come up with a down payment.  Please don't hesitate to contact me if you have any questions on this!