20 Ways to Increase Your Downpayment

for a Single Story Home in Carlsbad

It’s no easy feat to get enough cash ready for a 20% or even 5% downpayment for your dream single story home for sale in Carlsbad CA. But the fact still remains that the more cash you are able to pay upfront, the easier it is to qualify for, and to get a home loan.

Lenders give better interest rates and incentives to borrowers who can pay a higher percentage of downpayment. Plus, you can lower your monthly mortgage payments, especially if you can put down 20% of the home’s purchase price.

It may be difficult to grasp how you can come up with enough money for a 20% downpayment, but there are actually simple and easy ways you can increase your downpayment for single story homes in Carlsbad CA:

1. Ask for a gift from any family member. Most lenders accept gift letters for your down payment.

2. Ask for part of your inheritance early.

3. Ask help from a family member. Many lenders accept family loans.

4. Ask help from someone outside your family like an employer, friend, Non Profit Group or Government.

5. Borrow from your insurance policy.

6. Borrow from your stock account.

7. Borrow from your retirement account. Your home is a great retirement asset. Why not own one as soon as you can.

8. Borrow from your credit cards. Take note that it must be seasoned in your account for 3+ months. Most lenders do not approve of unseasoned money unless your down payment is over 20%.

Always check with your lender to see if there is seasoning required and/or how it will affect your pre-approval.

9. Get one or more unsecured loans from your bank or credit union.

10. Find a partner to buy with you: friend, relative or investor.

11. Find a co-signer. You and cosigner must qualify.

12. Finance or refinance another asset you have: House, lot, boat, car, jewelry, etc.

You may be able to use that asset as collateral.

13. Sell an asset: Anything of value! Many people are getting great prices on Internet auction sites.

14. Trade something of value with the seller. One of your assets or your skills. (What do you do for a vocation or hobby that may be of value to the seller)

15. Get a second job. There can be significant tax benefits to an “in home” business, even if you live in a rental.

16. Ask the seller to pay for your down payment, closing costs or even pay off your debts. The presentation of this type of request is critical. You must show why it is in the seller’s best interest to do so.

17. Increase the price so the seller feels comfortable paying your costs or debts.

18. Ask the seller to carry some or all of the financing.

19. Spend Less! Do you really need a cup of Starbucks 1-2 times a day when regular coffee will work. Slim down those TV & Cell Phone packages for awhile. Find good deals for your smart phone.

20. Get a free financial review including Auto, Life & Health Insurance. Call Katherine Zacharias with Five Rings Financial at 619-208-7717. It might save you $100’s

As you can see, it’s not really that hard to increase your downpayment to get that Carlsbad CA single story home for sale. All you need to do is to ask the right people and work with the best real estate agent.

For even more helpful tips for buying or selling a Carlsbad CA home for sale, visit http://SanDiegoHomes4u.com.

Find your dream home today. Partner with a knowledgeable and experienced local REALTOR® who can help you buy or sell Carlsbad CA homes at the right price and the right time. Call or text

Dennis Smith at 760-212-8225, or email at dennis@sandiegohomes4u.com for all your real estate needs.