Orlando Florida Buyers Ask How can we come up with down payment dollars?

Orlando Florida Buyers have asked how can I come up with a down payment if I don’t have much of a savings? Hopefully you have saved some for closing costs but with most 80/20 loans going away or requiring a higher interest rate now there are still options.

 

80/20 means you take out two mortgages one for 80% and one for the downpayment of 20%. Usually the second is at a higher interest rate than the first. If this is not an option where else can you find down payment dollars?

 

If the buyer is getting an FHA loan with 3% down it is legal to get the 3% as a gift from a family member depending on the price range.  This type loan is available not only in Orlando Florida but any of the States across the country.

 

You could also use a retirement plan with enough advance warning like a 401K.

 

How about an employment advance, selling something, refinance a car and the dreaded cash advance on a credit card providing you qualify for the higher payments.

 

Are you a Veteran check out the VA no money down guaranteed loans.

 

Talk to a real estate consultant that can help advise you of the best options on coming up with those down payment dollars. Teri Isner in Orlando Florida is an Acredited Consultant in Real Estate or ACRE for all your best options with down payment ideas e-mail or call her today.