Creative Sources For Downpayments
You're finally ready to take the big step of purchasing your own home, but you've run into a snag....the dreaded downpayment. Sometimes a little creativity goes a long ways. Here are a few ideas that we've seen Buyers use successfully.
*Savings
*Sell a car, boat or other "toy" you can live without for now and replace later.
*Receive a tax-free gift from parents, grandparents or other relatives.
*Equity share with parents or friends.
*Asking the seller to help you with the financing.
*Borrow against a pension plan or life insurance policy.
*Use your business as collateral.