Can you use jewelry as a down payment on a house?

Question

For example like an engagement ring.

It is just a question. No I'm not idiot. And I have great credit, but I have $30,000 for a down payment for a house and wanted at least $20,000 more. Where I live it is now a great time to buy and don't want to wait.

Answer 1

you really have gotten some really RUDE answers to a question that i am sure you were serious about so my first bit of good advice is ignore the IDIOTS!

to answer your question directly, no you can't use jewelry as a downpayment and based on your question you don't need to. if you have 30,000 already the other 20,000 in your mind might sound like a good idea but with all probability you will be able to get a mortgage without it. the difference in your payments would probably be around $140 per month so if you really think about save (and enjoy) your jewelry and buy a house ...

you get to have your cake and eat it to. :-)

if you would like more help feel free to email me or call me at 1-877-472-6810 i would be more then happy to help you out.

good luck

Answer 2

Sorry about all the rude and misleading answers you have been getting. Most states do not require "cash" for a real estate sale to be valid. All they require is legal consideration. Meaning, that if a seller is willing to accept the jewelry as part of the sales price there is no legal reason this can not happen. For financing purposes, the seller may end up having to drop the "price" of the house by what ever value you agree the ring to be worth. Then you need to find a neutral party to hold the ring until close of escrow. By all means if you go this route, be sure to get all of this in writing. along with what ever terms necessary for regaining possession of the ring if the sale does not go through.

Answer 3

Bartering is increasing in popularity - if you could provide a letter from an appraiser ascertaining the value of the engagement ring AND if both the buyer and the settlement company agree - you could provide the engagement ring as a downpayment.

Answer 4

Sorry you're getting such rude answers.

I doubt seriously if you could use your engagement ring as part of a downpayment on a house.

Your best bet is to try to sell the ring, then use the cash. A reputable diamond dealer in your city should be able to appraise the ring for you -- and may be able to point you to possible buyers.

Answer 5

Yes, but make sure to get your change in sheep.

Seriously, obviously you can't, the fact that you are asking this question is proof that you are not financially stable enough for home ownership. Rent and save, once you have a sizeable savings look into buying a home. Don't get conned into one of this interest only loans or adjustable rate mortgages. If you don't have the downpayment for a simple 30 year fixed mortgage you need to be extra carefull about just how in debt you get yourself.

Answer 6

If you are getting a loan with a bank or mortgage company, I doubt it. Your best bet would be to sell the ring, get the cash and use it as a down payment.

Answer 7

If you need jewelry to put a down payment on a house you shouldn't be buying a house.

Answer 8

No, you'd have to sell and use the cash. 30K down with fair/good/excellent credit is totally fine-- go get prequalified and shop now. :-)

Answer 9

Is your credit that bad that you have to put up some jewelry as collateral?

Answer 10

The bank might let you use it for collateral, but it's not a common practice. Good luck!