Home Down Payment Options Cambridge MA

Your greatest challenge, like many home owners, is coming up with the down payment for that new home in Cambridge from the mere scraps of a savings account. It is not necessary to be a CEO, but with the normal down being between 20k and 60k, almost. Here you will get an idea of some of the options open to you for getting money together for a home down payment.

John Campbell Realty
(617) 491-5551
859 Massachusetts Avenue, #6
Cambridge, MA
 
929 House
(617) 661-6980
929 Massachusetts Avenue
Cambridge, MA
 
Charlesbank Real Estate
(617) 492-2265
25 Magazine St
Cambridge, MA

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CASCAP
(617) 492-5559
678 Massachusetts Avenue 10th Floor
Cambridge, MA
 
Union Real Estate
(617) 666-5555
79 Bow St
Somerville, MA

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OpenSpot
(617) 871-2160
Cambridge, MA
 
Keller Williams Realty
(617) 844-2901
955 Massachusetts Avenue, Suite 202
Cambridge, MA
 
Alexandria Real Estate Equities, Inc.
(617) 661-6962
790 Memorial Drive, Suite 100
Cambridge, MA
 
617 Real Estate
(617) 812-1456
12 Rose St
Somerville, MA
 
AEGIS Property Management Inc.
(617) 876-2903
PO Box 382064
Cambridge, MA
 
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Home Down Payment Options

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The “American Dream” is to own a new home, and in all honesty, your wife wants to be in a new home, which means you need to move into a new home.

Your greatest challenge, like many home owners, is coming up with the down payment for that new home from the mere scraps of a savings account. It is not necessary to be a CEO, but with the normal down being between 20k and 60k, almost.

You have options. Try and weasel an early Christmas gift out of Mom and Dad. They can each give $12,000 without gift tax implications.

If the gift idea does not work, try and get a family loan. Real Estate statistics indicate 10 percent of down payments are funded through family loans. Plus, any interest your family charges you is tax deductible.
If your family still is not in on the game, get an Individual Retirement Account. First time home-buyers can take money from an IRA without penalty.

You can also borrow up to $50,000 or 50 percent of your 401k, although most financial experts would advise this only in a last resort situation. Caution: If you leave your job, you only have 60 days to pay this loan back.

An FHA loan allows you to put 2-3% as a down, but at much higher interest.

Creative Loans- these are designed to get you into a house now and deal with the fine print later.

Seller financing allows you to take on a seller arrangement such as:

  • Seller Carry Back: the seller can take on a second mortgage
  • Lease with an Option to Buy: usually have lower down payments.
  • Contract for Deed: This makes you the owner up front, but you do not retain the deed until a certain number of payments have been made.
  • Seller Mortgage: The seller can take on the entire mortgage

    Just remember, you have options if you take the time to educate yourself with them.

    Visit Homesalesnetwork.com for more information