Skip to main content
Articles

Smart ways to come up with down-payment cash

By June 23, 2013No Comments

Although cheaper prices and record-low mortgage rates have made homebuying increasingly attractive, tight lending standards continue to keep consumers on the sidelines. And while a beefed-up FICO score and documentation requirements may have slowed the process, it’s the pile of cash needed to secure financing that prevents many would-be buyers from becoming homeowners.

“For first-time homebuyers, generally the biggest obstacle to buying a home is the ability to have a down payment,” said Susan Dewey, executive director of the Virginia Housing Development Authority. Consumers struggling to come up with a sufficient down payment, however, may have more options than they realize, as government programs, existing assets and personal finance techniques can be used to obtain the capital.

Read the full article here