SIX WAYS TO COME UP WITH YOUR FIRST DOWN PAYMENT

1. Save
   It sounds so simple...and it is. Just tell yourself you're going to put aside a certain amount of your income before you spend it on anything else. Then do it. Have a plan; be patient. If you need $2,500 and you save $100 a month, you can have the money in just a couple of years.

2. Sell Your Assets
   Maybe you have a boat or some other personal property you could sell to raise money. It may be tough to part with, but if doing so will help you get the home you've always wanted, you may be smart to sell it. You can always get another boat later.

3. Get a Gift
   If your parents can afford to give you the money for a down payment, great! Most parents are anxious to have their children invest in a home, and if they have the money, they'll probably be glad to help. Even if your parents don't have any spare cash, they might consider getting a home equity loan on their home to help you get a home.

4. Borrow Against Assets
   If you go to a bank and get a personal loan, that obligation will be considered a liability and could have a negative effect on your getting home financing. But if you can borrow money against a 401K plan, a profit sharing plan, a life insurance policy, or a savings and investment plan, the amount you borrow will not be considered a liability. It's a way to put the "cash value" of one or more of these plans to work for you NOW.

5. Get a VA Loan
   If you're a veteran, you can buy a home with a Veteran's Administration-guaranteed loan and not have to worry about a down payment at all. There is none. Or if you in the armed forces reserves, you might still qualify for a no-down payment loan under the FHA/Vet Loan Program. Consult the Veterans Administration or your lender for more information.

6. Get a Total Acquisition Loan
   If you're not trying for a FHA-guaranteed loan, you might qualify for an FHA Total Acquisition Loan. This plan lets you finance your closing costs, too, and while it doesn't eliminate the down payment, it can reduce your up-front expenses significantly.

For this reason it is smart to find out all the requirements prior to shopping for a home.

• Home Ownership

• Most Commonly Asked Questions by Buyers

• What Price Home Can You Afford?

• Six Ways to Come Up With Your Down Payment

• Some Buyer's Options When Purchasing a Home

• Escrow Plain and Simple

• The Loan Process

• What is Title Insurance?

• What is Needed When Applying for a Mortgage?

• The Purchase Agreement

• Now that you've signed a purchase agreement, what's next?

• Buyer's List After the Contract is Accepted

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