This is a common concern that is often raised especially by those who are young first-time home buyers. However, the good news is that it is really much easier than most people might imagine to secure the funds needed to make a down payment for a new home purchase. For example, young couples just starting out may wish to consider simply asking their parents, relatives or friends for an affordable loan.
Best of all, securing this type of loan usually means that there will be no strict time-frame in terms of paying off the loan and in many cases no interest. This is clearly the best type of loan available and should always be considered as a first alternative when preparing to buy for the first time. As another option, it may be worth considering having a parent or close relative cosign a loan in order to become a new homeowner. Another idea is to consider liquidating assets as a way to buy your first home.
The Potential Profit That Is Inherent In That Market
For example, selling stocks, bonds or even a boat or motorcycle as well as maybe a second vehicle can help open up the door to having the funds necessary to purchase a first home. Conversely, those with established life insurance policies with an accrued value may find that cashing it in is a great way to access the real estate market and the potential profit that is inherent in that market. As a note, first-time homebuyers may be able to enjoy penalty free access to a retirement account up to $10,000. Consult with your accountant to know for sure.
Many Loan Products Available Today
Finally, everything from increasing your income by taking a second job or talking with your local church or other nonprofit organization about low down payment loan options is worth considering. It should also be noted that there are many loan products available today that require either a very low down payment or no down payment at all. From an FHA loan to a VA loan and other types of unique loan programs, there are a number of ways to finance the purchase of a home without having to come up with a substantial down payment. Contact Nicole Haun by visiting Realestateinanacortes.com today to learn more about buying a home in Anacortes Washington. Anacortes MLS Listing information is available, please contact us for a detailed list of available properties.
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