Down Payments

Like any type of loan, the amount you have available up front can play a major role in the loan you may qualify for, plus the amount you’ll need to pay off. Down payments typically range from 3 to 20 percent of the sales price for property.  Certain options below may have other financial implications.  It is important to consult with a tax and/or financial advisors prior to making decisions. 

Thankfully, there are a number of smart ways to procure your down payment:

  • Save
  • Borrow from your retirement plan
  • Monetary gifts from family
  • Move/relocate to more affordable housing
  • Reduce your outstanding debt
  • Strike a lower deal with the seller
  • Sell stocks/investments
  • Obtain additional employment
  • Skip vacations and entertainment expenses