Are you worried about not having enough money for a down payment? Don’t think you need to start Ubering on the weekends. If you are saving little by little and think that you are still years away from achieving your goal, then look no further.
Here are some not so common ways that can help you achieve your down payment in no time.
If you have a retirement account, you may be able to withdraw funds without any penalties. Normally, if withdrawing before hitting the retirement age, the withdrawal will come with a 10% tax penalty. However, many retirement accounts allow for a withdrawal without penalties if the funds are used to buy or rebuild a home. Speak with a tax and retirement professional to go over your personal 401k or IRA and see if this is an account you wish to tap into.
You can ask that the seller to cover all or part of the down payment and closing costs. Since you are choosing to purchase their home, you can also come in with conditions and requests. You’d be surprised to find that some sellers are more than willing to cover some of the costs so long as you take the home off their hands.
Speak to a Loan Officer about Down Payment Assistance programs in your area. Counties will often allocate funds for families looking to purchase homes within county limits. These are often issued on a first-come, first-served basis and will be available so long as the funds are available. These are amounts that you do not need to repay!