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Like any type of loan, the amount you have available up front can play a major role in the loan you may qualify for, plus the amount you’ll need to pay off. Down payments typically range from 3 to 20 percent of the sales price for property.

Thankfully, there are a number of smart ways to procure your down payment:

  • Save
  • Borrow from your retirement plan
  • Monetary gifts from family
  • Move/relocate to more affordable housing
  • Reduce your outstanding debt
  • Strike a lower deal with the seller
  • Sell stocks/investments
  • Obtain additional employment
  • Skip vacations and entertainment expenses

Alternative methods:

  • FHA loans
  • VA loans
  • Piggyback loans
  • “Carry back” mortgages
  • Housing finance agencies