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