Home Loan Down Payment Assistance – What Are The Best Options?

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A new guide from LoanLove.com reviews the different down payment assistance programs available, as well as some other strategies home buyers may use to collect enough money for a down payment on a home.

A new article from Loan Love takes a look at the options that home buyers have available when it comes to home loan down payment assistance. This new article titled “Home Loan Down Payment Assistance (Know Your Options)” continues to further the borrower advice website’s goal of helping borrowers to find loans that they will love by empowering them with first class knowledge, access to valuable resources and connections to top rated industry professionals.

The new guide to home loan down payment assistance says, “Pulling together a sizable stash of cash can sometimes stop a prospective homebuyer in his or her tracks. Unless you qualify for certain loan programs that require little money down, you’ve probably found coming up with your down payment to be the biggest challenge standing between you and home ownership. But there are several avenues to consider for home loan down payment assistance.” The article continues, “Before you settle on one or more pathways for coming up with sufficient cash for your down payment, be ready to put each potential source to the test by asking the following questions:

1.    Are you able to verify beyond any doubt that the source of your down payment is legal and not a scam?

2.    Has your bank lender or mortgage broker confirmed that your potential source is an approved one, according to the rules of your particular loan program?

3.    Have you reviewed your plan with a certified public accountant to determine impacts on your taxes and/or retirement account, as applicable?

4.    Are you prepared to keep a detailed paper trail of any transactions for both your lender and for tax purposes?

Once you’re ready to keep these four questions in mind, you can move forward by carefully considering your options for securing enough to cover the down payment on your new home.”

So what are the best home loan down payment assistance options? The Loan Love guide outlines some of the low-risk ways to procure help with a home down payment, such as state or local housing incentives, cash provided by family or friends, selling any unnecessary high priced items, cashing in investments, or simply saving up the good old fashioned way. Using one or a few of these options may be the best way to go about financing a home down payment, and those who wish to buy a home should look at these options first. However, there are other opportunities available, but they may be a bit more complex, require more documentation, or have heavier taxes involved, depending on the scenario.

For more detailed information on the pros and cons of these various home loan down payment assistance programs and strategies, click here to read the full guide at LoanLove.com.

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Kevin Blue
Loan Love
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