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

Share Article discusses some of the best options for home buyers in a new guide. is a borrower advice website that is dedicated to keeping new home buyers and experienced home owners updated on current news and events which could affect their home loan options or their home ownership experience. A recently featured article from the website continues to provide valuable information for home loan borrowers by offering advice on finding home loan down payment assistance.

This new guide titled “Home Loan Down Payment Assistance (Know Your Options)” explains that saving enough money for a sizable down payment on a home can be one of the biggest factors keeping potential buyers from realizing their dreams of home ownership. While there are some home loan programs that offer reduced down payment options, for most finding a good source for home loan down payment assistance will be their only option. The article discusses some of the things borrowers should look for when finding pathways for coming up with sufficient funds for a down payment, covering issues such as legality and taxability of the option.

Loan Love then goes on to list some of the low risk home loan down payment assistance options. The article suggests that potential home buyers consider doing one or more of the following:

  •     “Investigate state and local housing incentives. Depending on your location and situation, there may be state and local housing incentives, grants or special loan programs available to you. These change frequently, but your real estate agent is an excellent source for this type of information.
  •     Ask friends and family. Depending on the loan program you will be using, you may be able to make use of cash provided by friends or relatives as a “gift.” Certain rules and documentation apply.
  •     Maximize your savings. The traditional route for coming up with a down payment is to save a specific amount each month until you’ve got enough to get financing. Automatic deposits into your savings account out of each paycheck is a convenient way to grow your savings.
  •     Liquidate unnecessary assets. Do you have a boat, jet ski, cycle or other toys? Now is the time to consider sacrificing a few of these goodies in the short-term to make your longer-term dream of home ownership come true.
  •     Sell any stock options. Are stock options a part of your compensation? If so, contact your human resources department to determine if you are able to sell them.
  •     Sell off other investments. If you have stocks, mutual funds, bonds and other taxable investments, sell these before you consider sources that carry tax penalties, like dipping into your 401(k).
  •     Cash in a life insurance policy. Ask your insurance agent about cashing in policies that have accumulated cash value. Not all policies qualify, but if you have a “universal” or “whole life” (or similarly labeled) policy, your agent can tell you if you can cash in or borrow against it. However, if yours is a young family, you could be leaving your loved ones in jeopardy in the event of a tragedy.
  •     Check with your employer. Some companies and corporations have created programs to help employees raise enough money for to provide home loan down payment assistance. Check with your human resources department.”

For some additional options for funding a home loan down payment, and more advice on what to consider when choosing a funding pathway, visit to read the full home loan down payment assistance guide.

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Kevin Blue
Loan Love
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