Need A Down Payment For A Mortgage? Resources You Can Tap

Posted on: 17 September 2018

It takes the average lower class family almost a decade to save a few thousand dollars, and that is sometimes only if they are married, pinch pennies, and have zero emergencies. If you want to buy a home sooner than that, and you do not have a partner's income to fall back on, then there are a few programs that can help. However, every program of this sort is going to require a down payment. To get a down payment, here are some resources that you can tap.

Car Title Loans

Hopefully, you can squeeze about three thousand dollars out of a title loan. Where government mortgage programs are concerned, this is the bare minimum amount for getting a mortgage under those programs. You also have to have good credit to get that low down payment rate. Most people can get that much money from a title loan when they own the car outright, and the car is newer than the last decade.

Group Funding Pages

Group funding pages can help if you have lots of friends on social media, and lots of family members who do not have money problems of their own. It helps your cause if you tell contributors that you have half of what you need as a down payment first. Then ask them if they are willing to contribute some small amounts to help out. If you know enough people, you might just get enough donations for your down payment.

Credit Cards

Yes, credit cards are an awful idea, but if your credit cards have a high enough limit that you can take cash advances from all of them, then you might have almost all of your down payment right there. Take the cash advances allowed from each card with a zero balance. Put those cash advances in the bank, or get a blank cashier's check to take to the meeting with the lender. Better still, get the cash advances from your own bank, and then sign a permission document for the loan officer to withdraw the money when you sign your mortgage papers.

Community Financial Support Groups

There may be a number of charities in your area that can and will provide support. Food, clothes, transportation, and even money may be part of the services they offer. When you need help with a down payment for your first mortgage, these charities may be willing to help you.