San Diego Home Buyers: No $$ for a Down Payment? Watch This for 2021
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?
Here's 5 ways how:
Down payment assistance loans now go up to $753,250 LOAN AMOUNT (not sales price), you can have UNlimited monthly income (yes, sounds crazy), and can have owned a home before.
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?
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.
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.
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?
Leave me a comment below – or, contact me here.
Your Down Payment Insider,