When buying a home, it’s very important that you have your down payment ready to go. Here are a few unique options to help you save for a down payment:

  1. Consider crowdsourcing your home.
  2. Ask the seller for help. Asking the seller to assist with closing costs is a common way to free up more money for your down payment. Ask your lender what the limits for closing costs are on your loan program, and then ask your Realtor to help negotiate for the seller to pay the closing costs on your behalf.
  3. Look into government options. The department of Housing and Urban Development, or HUD, has a site with links to all 50 states. These links provide information on different options to help you get the home of your dreams. There is also the Good Neighbor Next Door program, which provides closing cost assistance for teachers, firefighters, police officers, and more. Of course, there is also the VA loan, which helps veterans purchase homes.
  4. Check with your employer. Some employers offer programs to help low-to-moderate income employees purchase a home.
  5. Take advantage of special lender financing options, such as a USDA or FHA loan. You may have to meet certain income requirements in order to qualify for one of these loans. The property has to meet certain requirements as well, but these are great options to help buyers get the home of their dreams.

Of course, you can always combine some of these options to get the home that you want. If you have any questions about any of these five methods, just give me a call or send me an email. I would be happy to help you!