{"id":2482,"date":"2021-05-01T09:15:03","date_gmt":"2021-05-01T16:15:03","guid":{"rendered":"https:\/\/www.danielyerelian.com\/blog\/?p=2482"},"modified":"2021-05-01T09:17:45","modified_gmt":"2021-05-01T16:17:45","slug":"5-best-ways-to-get-downpayment-for-a-home","status":"publish","type":"post","link":"https:\/\/www.danielyerelian.com\/blog\/2021\/05\/01\/5-best-ways-to-get-downpayment-for-a-home\/","title":{"rendered":"5 Best ways to get Down Payment for a Home"},"content":{"rendered":"\n

What is a downpayment and how much do you need?<\/strong><\/p>\n\n\n\n

With mortgage rates at historical lows and more people than ever working from home everyone is asking how they can they purchase a house or condo.<\/p>\n\n\n\n

Step 1 is getting a downpayment together. There are a range of downpayment options ranging from 0% if you are a Veteran all the way up to 25% or higher down if you want a lower loan amount.<\/p>\n\n\n\n

So for example if the house you want to buy is $300,000 and you want to put 20% down you will need to have $60,000 to put toward the house. <\/p>\n\n\n\n

Then a bank or lender like Quicken <\/a>Loans<\/a> will loan you the remaining $240,000 . This $240,000 loan is also called a mortgage.<\/p>\n\n\n\n

See below for amount you would need to put down for different types of loans for a $300,000 loan<\/p>\n\n\n\n

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So explore all the options and programs to see how much of a downpayment you will need. If you aren’t sure you can reach out to lenders like Quicken Loans<\/a> and they can help guide and ask you the right questions.<\/p>\n\n\n\n

5 ways to get the money for your downpayment?<\/strong><\/p>\n\n\n\n\n\n\n\n

So hopefully you have some money saved, but house are freaking expensive and coming up with a downpayment is hard. Here are a few more ways you can stretch to your target number.<\/p>\n\n\n\n

  1. Borrow from 401k<\/strong> – More info<\/a>