Getting your nest egg together for a down payment is probably the biggest hurdle for many first-time home buyers. You may already be worth more than you realize.
When calculating your assets, be sure to include ALL of the following sources:
- All checking and savings accounts
- Stock, bonds, stock options, 401K value
- 401K loan
- Gifts from family
What if it doesn't add up to the right amount? Don't give up hope. There are ways to make it work.
Here are a few ideas for you:
1. Look for a loan that requires less money down - there are several options, just keep looking.
2. Think about getting Private Mortgage Insurance (PMI), which:
- Allows for a lower down payment
- Lenders (like us!) like it because it protects us in case you default on the loan
- You can pay for it on a monthly basis
- You can drop it, once you reach 20% equity
3. Talk to one of our loan representatives for other loan options.
