Many people have the good income, great credit history, and a manageable amount of debt they need to qualify for a home loan. What many don’t have is the down payment. Even at a minimum down payment percentage of 3.5%-5% means thousands of dollars out of pocket. In high cost areas like here in San Diego it can reach five digits quickly. So, if you find your self short on funds here are 10 ways to get that down payment you may not have considered until now. 1. Side work 2. State down payment assistance programs 3. County and city down payment assistance programs 4. Family 5. USDA Mortgages 6. Friends and loved ones 7. Your IRA 8. Your 401(k) 9. VA loans 10. Good ‘ole savings For more details on all 10 of these down payment sources click this link here: By David Hughson Down Payment Expert 858-863-
When I meet with clients for the first time, most of them, of course, are excited about the idea of Down Payment Assistance (DPA). However, as soon as they start learning that there are income and purchase price limits, many become discouraged. Well, make sure that’s a realistic discouragement! What I find is that Down Payment Assistance is Easier Than You Think. Now there is a wide variety of programs and they are all different. But for this article I’m going to pull examples from one of the easiest programs we offer. Income limits – Let’s give a quick example here. Depending on how many people live in the home, income limits vary. * If it’s just one person you can make as much as $63k/year. * If it’s 8 people then is $120k/year. * For an average family of 4 – you can make $91k/year and still qualify for these homes. Purchase Price Limits – This particular program also has a purchase price limit, but it’s quite generous! Rather than depending on how many people live in the home, these limits are based on where the home is. For example, in San Diego County * $534k max purchase price for “non-targeted” areas * upto $653k for “targeted” areas Target and non-target areas delineate specific areas in the county that the program is designed to give extra assistance to. Of course
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The GreenHouse Group INC Broker CA BRE#:01859042
Co-Owner, Jesse Ibanez, Agent – Jesse@GreenMeansGrow.com 858-863-0261 CA BRE#: 01405643
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Located @: 3111 Camino Del Rio North, Suite 400, San Diego, CA 92108
Phone #: 858-863-0261
The GreenHouse Group INC is a full service Real Estate & Mortgage Planning Firm located @ 3111 Camino Del Rio North, Suite 400, San Diego, CA 92108. We'd love for you to drop by and say "hello" to us here at our beautiful offices in Mission Valley. Or, if you'd prefer to drop us a line you can call us anytime @ (858) 863-0261. We look forward to meeting you!