Looking to purchase a home for sale in San Diego? Use these ideas for coming up with the minimum 3.5% of the purchase price for a down payment.
Currently, the average price for on a home for sale in San Diego is roughly $440,000. On most San Diego homes for sale it is required that the purchaser put down a minimum down payment of 3.5%, which means that on average it is required to put down $15,400. Trying to figure out where you can get that money from? Here are a few ideas:
Gift From Family and Friends
It is not uncommon for first-time buyers to receive assistance from family or very close friends in procuring the money they need for a down payment. Gift money, however, requires a designated paper trail and will most likely not be accepted otherwise by the financial institution offer the home loan.
Personal Loan or Line of Credit
It is often possible to take out a personal loan or line of credit in order to fulfill the down payment. The credit or loan must be in your personal bank account for at least two months for those funds to be accepted and eligible for the transaction.
Proceeds from a Sale
Perhaps you own a valuable item that you are willing to part with and can help you raise a significant amount of money. You could sell a valuable musical instrument, collection of items, or motorcycle to help you raise the funds you need to purchase your home in San Diego.