I do not have enough money for a deposit to buy a home. How do i put together a deposit?

Answer 1

The more you put down, the less you have to pay in interest rates because youre not borrowing as much from the bank. You can also use moe to BUY points. Say if the rate is 7.5 and thats too much for you, you can BUY a point and get it down to 6.5, which is what I did. My situation was a bit unusual though I put down 25 grand on a 110 grand home. Have you concidered having a COsigner for the loan? such as a parent or close friend? Or maybe Ive misunderstood your question, do you mean that youre looking at a particular home thats on the market and y oure afraid that someone else will come in and snatch it up? How much are they asking for, I think I only had to put down $1000 to hold it. It was awhile back.....IF you dont have enough for a deposit, how do you plan on making monthly mortgage payments, elec, etc?

Answer 2

The deposit is separate from the loans and down payment. You will have to get the deposit yourself. It is called "good faith" and lets them know that you are serious about continuing the transaction. Most lenders like to see that you saved the deposit yourself. So borrow the money (get a small loan) and let the money sit in your account for a couple of months. They want to know that the money is "seasoned" or that it has been growing for some time.

Answer 3

A lot of people buy before they are ready financially and land themselves in a difficult situation. More people than you could imagine are desperate to get out of their mortgages because they can't afford them--and there are fewer and fewer people buying houses at this time. Be smart about this. Plan ahead, don't give yourself a budget that you can't live up to--you'll end up going over budget easily if you do. If you don't have they money for a down payment on this house, how will you be able to afford mortgage payments, utilities, taxes and the possible repairs that could crop up? What if your car suddenly blows a head gasket or requires other costly repairs? If you become ill or injured and are unable to work, will you be able to manage?
I don't mean to be negative. I just hate to see people overextend themselves financially and experience all the stress and heartache that goes with it.
My advise? Start saving for a down payment and save some money for emergencies (car repair, health)--1-2 thousand just for emergencies.
I don't recommend a 100% mortgage. If you need this to buy a home, don't do it yet. You don't have enough money yet.
Good luck!

Answer 4

It depends on how much house you're buying. And also it depends on how good your credit is. If your credit score is over 650 you can easily get a loan. Other lenders can offer you 100% financing if you have an excellent credit or at least 3% down payment. If you're a first time buyer just buy a least expensive house, that way your down payment and monthly payment will be lower, and you have a very good chance the bank will approve your loan. Once you build enough equity and of course paying your mortgage on time, you can upgrade to a decent house. Just shop around different lenders, don't apply loan to big banks like Bank of America, Countrywide, Wells Fargo, etc. Just apply to those mom and pops broker (usually you get from your mail) and you'll get a better chance to get your loan will be approved. Good luck to you.

Answer 5

There are several ways to get a house. First of all, some sellers may actually help with the downpayment. If you really have no cash and need a house, try looking into USDA housing, VA loans, or some type of government program that actually helps people who can't afford a home and need one.

If you are desperate and have credit cards that you can get a cash advance from, put three or four of them together to use for a down payment. After you have the house, refinance to pay off the cards.

If you have a retirement fund, you may be able to borrow against your IRA for the down payment.

There is a program called Citizens for Affordable Housing and this program is great for people like you. You actually help pay the downpayment by working it off. Your labour = cash for down payment.

Habitant for Housing is another great program.

Good luck!

Answer 6

Well, if you don't have enough money for a deposit, then you won't have enough money to put together a deposit. You either have to wait until you've saved enough, take out one of the new 125% mortgages or (best idea i think), club together with friends to buy a house.

Answer 7

Maybe you should consider 100% financing. If you have a decent score there are many options available. Yes...the more you put down the lower your payment is....but there is still an option without a down payment.

I write a blog on the subject of credit management, mortgages, real estate trends, etc. Check it out for more information that may be helpful.

Answer 8

If you really want to live dangerously, get an unsecured loan to pay the deposit. That way you will have a mortgage, and an unsecured loan to pay off.

Hell of a way to get a deposit though, and you will be living dangerously financially.

The normal route to a deposit is savings, but I think you realise that.

Answer 9

At justgetaloan.net we have been able to help many of our clients get placed in 100% financing loan programs at very low rates, even those with less than perfect credit. Feel free to log onto the site fill out a complete application for a fast, free, pre-approval for great loan programs with low rates and great service. For more assistance feel free to contacte me at 866 530 7300 ext 7305 of by emailat [e-mail]

Answer 10

You might not need any money upfront to buy a house. Check with different banks/loan types to find on that works for you. However, without a down payment, you will probably have to pay for morgage insurance each month.