What are some of the ways
a first time home buyer can get money for down payment?
One, they can use the funds that they’ve been saving up themselves.
They can get a gift from a relative family member.
They could take money out of a 4 o 1 k.
I prefer a loan versus a withdrawal
because then you can always get the money back in there.
The interest you pay is interest to yourself
and then also you don’t have to have money for a down payment.
We have plenty of down payment assistance programs
will help people buy houses with no money down.
What if it’s for investment purpose?
If it’s for investment purpose,
assuming they’ve already got a house that they own,
they could 1. Use their savings. 2.
They could do a cash out refinance on their existing property.
Then they’ve got a really great rate on their current mortgage.
Maybe they do a HELOC. Also you can partner.
You could bring in money from another person
that doesn’t have to be on the mortgage
but would be on title. And we can use their money for the down payment
and you could be on the mortgage. There it is.