Quickest Ways Find Down Payment Money
Here are the quickest ways to get that down payment money for your first home purchase.
- Use local down payment assistance programs: Orange and Seminole county both have great programs for first time homebuyers that offer anywhere from $7,500 – $15,000 in down payment assistance. I have literally gone to closing where people don’t have to bring any money because they are using these programs. They are virtually impossible to get for condos but pretty much every other type of residence is covered. Here are the links for more info.
2. USDA loans – basically the same people who regulate our food will give you a 100% loan if you purchase within a rural area. You can literally buy a house and you only have to put $1,000 for your deposit if you purchase it within their designated areas. This is great for those of you who hate city life and like to live in a more quiet environment
3. Tax Refund Money- For those of you who get tax refund check that have 4 digits on them please put that $$ into an account and use for a down payment if you don’t already own a house! Put that money to good use.
4. Don’t take that Euro/Asia trip this year – Worldwide travel is a privilege and a luxury that many people deem necessary to take at least once a year. If you forego that for only 1 year and opt to go somewhere local or go on a staycation, I promise you will have enough money to purchase a home. It will suck at the beginning but the investment is way worth your while. I understand that travel is important but you don’t need to go to the other side of the world and see some old paintings or go to an ancient temple in order to feel like your life has some sort of worth.
5. Get your Real Estate License – OK WARNING THIS IS THE ULTIMATE LIFE HACK AND COULD POTENTIALLY TAKE ME OUT OF BUSINESS. If you get your real estate license you can put your commission towards the purchase of your home. Commission is typically 3% percent, with a standard FHA down payment of 3.5% you do the math on how much you would have to bring to closing. Now I know it might seem excessive to get a license just so you can save some money on a down payment, but think of all the hours you would have to work to save up those thousands of dollars. If you put those towards passing a class exam that can be taken online and a measly 100 question state exam then you’d be in the clear. Not to mention the investment you would be making towards a possible new career path *wink wink*. This is how I was able to buy a house this year with only $2,000. Who is the budget queen now?!
Disclaimer: this information pertains to Central Florida. If you live in a state like NY or CA or anywhere else where the value of real estate is exorbitant then I’m so sorry.