“Where can I get down payment money?”
Many potential homebuyers have the monthly income to support a mortgage but lack the cash for a down payment. This doesn’t mean you can’t buy a house, but that it’s time to get creative with your funding sources. There are several sources of cash apart from your own funds that lenders will accept as a down payment, as long as the money comes from an acceptable source and you aren’t expected to repay it. Most conventional loans (loans not backed by the government) allow gifted funds from family members. FHA loans allow funds from family and other acceptable sources, such as from an employer or labor union. VA loans allow veterans to qualify for a mortgage without a down payment.
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