Down Payment

Like any type of loan, the amount you have available up front can play a major role in the loan you may qualify for, plus the amount you’ll need to pay off. Down payments typically range from 3 to 20 percent of the sales price for property.

Thankfully, there are a number of smart ways to procure your down payment:​

• Save
• Borrow from your retirement plan
• Monetary gifts from family
• Move/relocate to more affordable housing
• Reduce your outstanding debt
• Strike a lower deal with the seller
• Sell stocks/investments
• Obtain additional employment
• Skip vacations and entertainment expenses

Alternative methods:

• FHA loans
• VA loans
• Piggyback loans
• “Carry back” mortgages
• Housing finance agencies