A down payment is required when buying a home. Let’s go over what is accepted or not as a form of a down payment.
Acceptable Down Payment Options:
1) Bank Account
2) Equity
3) 401K, Stocks, and Other Investments
4) Tax Refund
5) Sale of Assets: such as a boat, RV, or maybe even a car you don’t use. Be sure to keep the bill of sale and/or receipts.
6) Inheritance
7) Cash Gift from a Family Member
8) 0% Down Loan Programs: such as an USDA, UHC or VA (check out the loan programs we offer here)
Non-acceptable Forms of Down Payment
1) Cash
2) Untraceable income: Needs to have a paper trail or proof of where the money came from.
How much of a down payment or ways to pay for a down payment will depend on your location, credit score, and the home itself. If you are unsure or have questions about this, reach out to us here at The Ben Lemon Team and we would be thrilled to help you!
