How to Come up With a Down Payment

Want to buy a home but not sure how to get the down payment? Find out how…

How to come up with a down payment

Hi Im Mike with the Rigley Realty Group. Whether buying or selling, for the best real estate information subscribe to our channel and hit the bell to be notified when we post a new video every Wednesday

Saving for a home can be daunting. Here are a few suggestions that might help:

  • It doesn’t always have to be 20%. There are plenty of loan programs where you can get in with no money down and 100% financing. These include VA and USDA homes. You’d be surprised at what USDA considers “rural”
  • While Kickstarter and GoFundMe may not be the right place there are sites like that allow you to set up a gift registry much like a wedding or baby registry where contributions to your down payment can be made to a linked account.
  • Family gifts or loans. Family members can gift you funds to close. Be sure to check with your lender before the gift is made so the funds can be properly sourced. If it’s a loan that needs to be paid back it might influence how much your lender is willing to loan so make sure you disclose the terms.
  • State and local down payment assistance programs. Here in California its possible to get up to $15,000 in assistance. Many times without having to pay it back.
  • Tapping into retirement accounts. Its your money. Yes you will more than likely have to pay your retirement account back but it’s one way of getting those funds to work for you now and latter.
  • Then there is always save for it. I know right! What a concept. Live below your means and save for your down payment. Almost doesn’t seem American to do it that way. Just kidding. Tried and true saving can be the most rewarding of all the other ways. Give it a try.

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About the authors:

Mike and Jennifer Rigley are one of Sacramento’s top ranked Real Estate Teams and 5 Star Ranked Real Estate Professionals. Selling Real Estate Full time since 2004 with well over 1,500 successful closings Mike and Jennifer Rigley are here to help your dreams of Home Ownership come true.

Mike and Jennifer Rigley of the Rigley Realty Group come with over 15 + years experience helping buyers, sellers and investors realize their Real Estate dreams. Including:

  • 35+ Year Sacramento Residents
  • Over 1,500 homes sold since 2003 – 10x the average agent
  • Team Approach for Maximum Client Satisfaction
  • Ranked in the Top 25 of all agents & companies county wide in both the number of listings & sales since 2004
  • Top 500 Teams All Companies in California for Production
  • Sacramento Magazine 5 STAR Agent

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