Your Down Payment

Many people who would like to purchase a new home can qualify for several different kinds of mortgages, but they can't afford a large down payment. Get started here

Cut expenses and save. Look for ways to trim your monthly expenditures to set aside funds for a down payment. Also, you can look into bank programs in which some of your paycheck is automatically transferred into a savings account every pay period. You might look into some big expenses in your budget that you can give up, or trim, at least temporarily. Here are a couple of examples: you might move into less expensive housing, or stay local for your vacation.

Work more and sell items you don't need. Maybe you can get a second job and build up your earnings (Second jobs require at least a 2 year work history to count the income). Additionally, you can put together a comprehensive list of items you can sell. Broken gold jewelry can be sold at local jewelers. Multiple small things can add up to a fair amount at a garage or tag sale. Also, you might want to consider selling any investments you own. (Selling personal items must be completed at least 60 days prior to buying a home.)

Borrow money from a retirement plan. Investigate the provisions of your particular plan. Many home buyers get down payment money from withdrawing funds from IRAs or borrowing from 401(k) plans. Make sure you are clear about any penalties, the effect this may have on income taxes, and repayment obligation.

Request a generous gift from your family. Many home buyers sometimes receive help with their down payment help from caring parents and other family members who may be anxious to help get them in their first home. Your family members may be happy at the chance to help you reach the milestone of owning your first home.

Learn about low-down and no-down mortgage loans.

  • FHA mortgage loans

    The Federal Housing Administration (FHA), a part of the U.S. Department of Housing and Urban Development (HUD), plays an important part in aiding individuals qualify for mortgage loans. Part of the United States Department of Housing and Urban Development(HUD), FHA (Federal Housing Administration) assists home buyers in qualifying for mortgages. FHA aids first-time home buyers and others who may not be able to qualify for a conventional loan by themselves, by providing mortgage insurance to the lenders. Down payment amounts for FHA loans are lower than those for conventional mortgage loans. Closing costs may be financed within the mortgage, and the down payment may be as low as 3.5% of the total amount.

  • VA mortgage loans

    VA loans are guaranteed by the U.S. Department of Veterans Affairs. Veterans and service people can benefit from a VA loan, which generally offers a competitive interest rate, no down payment, and minimal closing costs. Although the loans don't originate from the VA, the department verifies applicants by providing eligibility certificates.

  • USDA mortgage loans

A USDA home loan is a zero down payment mortgage for eligible rural and suburban home buyers. USDA loans are issued through the USDA loan program, also known as the USDA Rural Development Guaranteed Housing Loan Program, by the United States Department of Agriculture.  There are income and home location restrictions that are applied to qualify.


No matter your strategy of putting together your down payment, the thrill of owning your own home will be just as sweet!

Want to discuss down payment options? Call us at 219-548-2255.

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Integrity Mortgage and Financial Services Inc

3205 Cascade Dr Ste B
Valparaiso, IN 46383-9142