Whether you are trying to buy a home or refinance your current home – sometimes thinking outside-of-the-box will help you achieve your goals
You’d like to buy a home and take advantage of today’s low rates, but you do not have enough money saved for the down payment. What can you do?
1. Ask a parent or grandparent to “gift” you the funds. Some programs allow your employer to “gift” you money too.
2. Take a loan againsts your retirement account – you will pay yourself back every month tax free and the debt is not used against you in qualifying.
3. See if the community you’d like to live in has a down payment assistance program. Currently the City of St. Paul/Mpls and Dakota County have down payment assistance loans.
4. If you are a Veteran – you do not need a down payment. Ever!
Equal Housing Lender.