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THREE PLACES TO FIND MONEY FOR A DOWN PAYMENT
Burbank Home Buyers who don't have a 20 percent down payment are finding it harder and harder to buy a home. Here are some sources of money that are still available.
Borrowing from a 401(k). Only some companies allow this. The maximum available is $50,000 ($100,00 if both spouses have 401(k)s) and the loan must be repaid within five years.
Withdrawing up to $10,000 from an IRA for a purchase of a first home. A potential borrower who hasn't owned a home in the past three years is considered a "first-time buyer" for this specific purpose.
A gift. If buyers are comfortable asking for money, their parents, friends, and relatives can give a gift toward the down payment
U.S. average as of Dec 27, 2007
30 yr fixed: 6.17%
15 yr fixed: 5.79%
1 yr adj: 5.53%
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Lupe,
Indeed that is a most relevant question:
It seems everyone wanted to buy at the top of the market, now they do not want to buy at the bottom, but everyone knows to get the best deals you have to buy at the bottom, you should be selling at the top in the Seller's Market. What do the stock analysts say? Buy Low, Sell Hi
Indeed that is about the best advice anyone could give! - Lance