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Step 1
SAVE. If you put aside a certain percentage of income before expenses each month or each week, you'll be able to come up with a surefire plan for saving for a down payment.
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Step 2
SELL UNNEEDED VALUABLES. A boat or other big-ticket item of personal property may help garner the money for a down payment on a house.
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Step 3
SHAKE THE FAMILY MONEY TREE. If your parents can help come up with the money, let them! Most parents are thrilled to see that their children want to invest in a home purchase.
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Step 4
BORROW AGAINST ASSETS. You can borrow money against a 401K plan, profit sharing plan, life insurance policy, or savings-and-investment plan, and the amount borrowed will not be classified as a liability.
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Step 5
GET A VA LOAN. If you're a veteran, a Veterans Administration-guaranteed loan will allow you to finance 100% of your house purchase (no down payment!).
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Step 6
TRY A TOTAL ACQUISITION LOAN. If you're not going for an FHA-guaranteed loan, you may qualify for an FHA Total Acquisition Loan. This also allows for financing of closing costs. It doesn't eliminate the need for a down payment, but it can greatly reduce up-front expenses.
