Wednesday, December 3, 2014

The Perfect Holiday Gift: A New House!

How many of you read that title, said "Yeah right" but had to read more any way?  Was that you?

Well never fear because it definitely could be a possibility!

One of the reasons that I am given most (after credit) when asked why someone isn't buying their own home instead of renting is that the potential buyer doesn't have the funds for a down payment.  

I have a couple different solutions that could help you this holiday season to buy your very own home as your present.  And I know the perfect Realtor to help you find that dream house :0)

There are loans out there that don't even require a down payment.  Some people don't even know this.  

    • USDA is a loan that is offered in rural areas.  There are requirements on the price of the home and an income cap that you have to meet to qualify, but it could be a good thing to look in to.  
    • VA loans don't require money out of your pocket either.  Of course there are items that have to be met in order to get one of these.

When talking with friends and family about your wish list, ask them to simply make a deposit into a savings account that you are using as your down payment money.  This is something that is completely acceptable and will be recorded by the bank about who the transactions are from.  Speak with a lender first, but for most this will be satisfied as a gift letter.  Parents, grandparents and older family members will usually be especially responsive to this and may give more than $20 if they know that you are using it towards something for your future.

If you would like other creative ideas about getting the money down for your home, contact me today and we can work together to figure out a way to help you.  Remember, FHA loans are usually on 3% of the purchase price ($100,000 home purchase price would only require $3,000 down).

Happy Holidays!

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