What Are the Best Sources of Cash for a
Down Payment?
OPTIONS AVAILABLE TO YOU:
Receive a tax-free gift from your parents (or others) documented
by a "gift letter" stating no repayment is required. Some lenders
may require you to use some of your own money in addition to
the gift.
Borrow against a life insurance policy.
Borrow against a company pension plan.
Cash in a retirement savings plan (even though it may involve
a penalty withdrawal fee)
Ask for a cash payment from your employer instead of next
year's raise.
Obtain an advance on a future inheritance.
Use your own business as collateral.
Team up with friends, relatives, or investors as partners
in return for equity in your home. (You can buy them out later
if you like.)
Part-time job earnings.
Sell assets, such as a car, antique, card collection, etc.
