How can I secure $6000-$7000 for a down payment on a house?

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I have the financial means to buy this house. However, I have not been good with saving money. All I need to do is come up with $ 6000-$ 7000 for the down payment. No luck with family so far. Anyone have any ideas? I was thinking signature loan from a credit union, but I do not know if I can get both a loan and a mortgage. Anyone have any information on signature loans and credit requirements for them?
If I do a signature loan for the down payment, my wife will probably do the signature loan, and I will do the mortgage separately.

4 Comments
  1. Reply
    jlf
    May 1, 2011 at 4:24 am

    Trying to borrow your down payment will kill your mortgage loan. Lenders will deny you if you try to borrow your down payment.

    You SAVE UP the down payment yourself. Until you do that, you’re not ready to buy.

  2. Reply
    Randy F
    May 1, 2011 at 4:48 am

    if you are a first time home buyer the state may have a program that will pay the downpayment for you. check with a local realestate agent they can point you the right direction.

  3. Reply
    ReallyMeThisTime
    May 1, 2011 at 5:45 am

    The signature loan sounds good, as long as your wife isn’t also going on the mortgage with you. Your down payment can be a gift from her which is allowed. She will need good credit and income in order to qualify for the loan. Many states do have programs that can help with down payment assistance, but you need to purchase a home in a certain area. Also, depending on your occupation you may be able to get some sort of Assistance with your Down Payment.

  4. Reply
    MadMan
    May 1, 2011 at 5:45 am

    If you are unable to say this amount for a down payment then you are not ready to buy a house.

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