Down Payment

Getting to Your Desired Down Payment

Down payment got ya down?

You have a great job so the monthly payment won’t be an issue. Your credit is in good shape and you feel you can qualify for a mortgage. The last bump in the road for you is the down payment. It can be a challenge to come up with a large sum of money all at once. Lucky for you, we have a few ideas that might make it easier to get to your desired down payment.


Your cash savings is of course the most traditional source of a down payment.  Monies located in a 401K or other retirement account is another common source of funds.

Gift Funds

It is very common for parents and other close relatives to help our clients with their down payment. If your relatives are willing to give gift funds, you can certainly use them to help reach your down payment. They will need to provide what is known as a gift letter and share bank statements to source the funds. There are certain rules and protocol that we need to comply with as it pertains to gift funds so be sure to message us with any questions you might have.


Down Payment

Tax refund

No matter the size of your tax refund, every little bit helps. Each windfall will get you closer to your goal.

Pledged Assets

You may have equity in properties or securities that you don’t wish to sell. Some programs will allow you to pledge those assets in order to offset the down payment requirement.


Think of this like a garage sale. If you have stuff with value, you can sell the stuff (jewelry, vehicles, art, etc) and use it towards a down payment. Before you run out and start liquidating everything you own, check in with us on how to document these sales. If the sale can’t be traced back to its source then it’s treated like cash and we won’t be able to use those funds.


Click here to watch a short video about reaching your goal.

If you are worried about how to get to your down payment goal, reach out to us today. We would love to help you explore all of your options for eligible funds.

You have more options than you know.

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