Wednesday, February 5, 2014

Help! I'm Wasting Money On Rent

#Help! I'm Wasting Money On Rent!

Here's a question from a client.

Q. I’m wasting money on rent because I'm paying someone else's mortgage. I really should pay to myself so I have something in return. So I want to buy a home.  How can I get help with a down payment?

A.   There are ways to get a down payment, including the following:
  • Using your savings account or your 401k is also possible
  •  Look into local or federal government programs.  They expire or change frequently, so ask me ® about any programs that may apply to your area and situation.
  • Have the seller finance you.  Some sellers may be willing to help you buy their homes in something called seller concessions and/or seller carrybacks. There are also other scenarios such lease-to-own purchases.
  • Use a financial gift or contribution from a friend or relative.  Tax law allows gifts of up to $14,000 a year to be given without tax consequences to the giver or recipient (see IRS publication 950).  You can get a gift from each parent or two friends without them having to pay a gift-tax, which brings it up to $28,000. Gifts of love among relatives are not uncommon, or pre-inheritance money. 

For more information and tips on how to get a down payment to purchase a home, ask for my Free Consumer Report called “4 Quick Ways To Buy A Home With Little Down.” 
Best of of all is to call me so we may discuss your particular situation confidentially.

Richard Bazinet - Realty ONE Group - Phoenix Scottsdale Real Estate

#Help! I'm Wasting Money On Rent