 |
|
 |
||||||||||||||||
|
|
||||||
 |
||||||
Other options Keep renting If you don't have enough cash, there are alternatives, the first of which is that you rent for now and start saving money so you can afford to buy later. Private mortgage insurance If you have at least 3%, but can't make a 20 percent down payment, you will need to get private mortgage insurance. This protects the lender in case you can't make the payments. Government programs The government offers several programs to help buyers get loans with small down payments. If you are a certified U.S. military veteran, you can even get a mortgage with no down payment. Family gifts Will your parents, or other family members, give you the money needed to make a down payment? Seller take backs If you are in a buyer's market, you might be able to get the seller to help you. Either with the down payment, or by paying some of the closing costs. Investment partner An investor gives you some of the down payment money in exchange for equity in the house as an investment.
|
or most first-time home buyers, their down payment is 5 to 10 percent of the purchase price of the house. If you don't have that much cash sitting around, there are some alternatives.
