San Diego Home Buyers: No $$ for a Down Payment? Watch This for 2023 | 2024
I get it.
San Diego home prices are more than a lot of areas in the United States.
And, with a higher home price, there needs to be a larger down payment, and that can be harder to come by.
There's normal everyday expenses of rent (or mortgage), electricity, cable/internet, food, etc
The list is endless.
So, how can you save enough for the down payment?
READ: 7 Reasons to Buy a Home in San Diego in 2023 | 2024
Here's 5 ways how:
1) Down payment assistance loans now go up to $879,750 LOAN AMOUNT (not sales price), you can have Unlimited monthly income (yes, sounds crazy), and can have owned a home before.
2) Cash out any stocks, bonds, mutual funds, etc - take a look at your returns on your latest statement...how are they? I bet not nearly as great as you think. Why not cash out some money, use that for a down payment, and get much better returns?
3) Take a loan against your retirement account, 401(k), etc - much like above - I bet your returns are paltry. Instead, take a loan against it, use the money for a down payment, and get much better returns.
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4) Buy with someone else. Don't forget, you can buy with anyone else you want. Maybe they have a bit more cash than you do, and you can combine those assets. Its simple - you apply together, we count both incomes, both debts, and use the lowest of the middle credit scores.
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5) Credit card balance transfer into your checking account. Do you have pretty good credit? Guess what, there are A LOT of credit cards you can get, have 0% interest for 12-18 months, where you can send cash directly to your checking account, that you use for your mortgage down payment, and you have interest free payments.
What do you think - did I miss any?
I would love to help assist you with your home purchase, home sale, or home loan - please feel free to give me a call, text, or use the form below.
Your Down Payment Insider,
Scott
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