With the demise of the seller paid down payment programs last November, and the increase in the FHA down payment requirements from 3% to 3.5%, Alaska first-time home buyers are finding it a little more challenging to find their down payment funds.
What most buyers don’t know is that there are many ways to fund your down payment without having to save every penny yourself over time. I have listed below just some of the areas in which you can find money for your first home.
- $8000 Government Tax Credit available on all purchases between January 1, 2009 and December 1, 2009
- A Family member can give you your down payment
- Your employer can give you the money
- Borrow the down-payment from your bank on something you already own that has documented value
- Borrow money from your 401K
- Make a hardship withdrawal from your 401K for your 1st home without penalty
- Sell something you own that has documented value, such as a car, or collectible
- Cash in some of your savings bonds your grandparents bought you as a kid
- Trade Equity: Trade something you own of documented value to the seller
- Rent Credit: Rent from the seller for a year, and pay him above fair market rents for your down payment
- Sweat Equity: Perform labor and provide materials for the home you want to buy per agreement with seller & appraisal
- Collateralized loan from cash value in your life insurance policy
- Unsecured loan from a family member
- If you happen to be 60 or over, you can borrow unsecured money from a relative, close friend, or your employer.
If you have exhausted all of the above, and still can’t seem to find the cash……….enroll in our monthly savings plan for home buyers. We will meet with you privately to discuss your budget and set up a monthly down payment plan that meets your needs over a specific period of time. You will be amazed how quickly your down payment account will grow….
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Jackie Toppin
Mortgage Banker
Mortgage License #100110
Preferred Mortgage
Branch of Residential Mortgage
Mortgage License #100083
3111 “C” Street, Suite 325 Anchorage, AK, 99503 |
Work: 907-261-7655
Fax: 907-261-7543
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