How to Find Money for a Down Payment

In This Article

Dewita over at Urban Trekker covered Seven Ways to Accumulate a Down Payment earlier this week. Her list included:

1. Have your parents give you the money as a gift.
2. Borrow against your 401K or insurance policy.
3. Sell or borrow against an asset.
4. Obtain low point or zero point loan.
5. Ask the seller to pay for all or a part of your non-recurring closing costs.
6. Ask the seller to carry back financing.
7. Consider different loan programs.

Off the top of my head, there are a few others I’d like to add to the list:

8. Use one or multiple credit cards for the money
9. Post your needs on a site like Prosper.com and let a bunch of private lenders compete to give you money.
10. Ask a friend or family member

Note By BiggerPockets: These are opinions written by the author and do not necessarily represent the opinions of BiggerPockets.