“Hi Gary. My wife and I make good money, over 100K, but we haven’t saved for a down payment. Can we still buy a home?”
***ANSWER:
Yes!
Because you have a high income, you won’t qualify for any government down-payment assistance programs. However, you still have three great options:
1. VA
If you or your wife have sufficient military service, you may qualify for a zero-down VA loan.
2. Gift
Got generous relatives? You may be able to receive your down payment as a gift from them.
3. Gift Program
There are two programs I’m familiar with: Nehemiah and Ameri-Dream. Both will gift you the money you need for a down payment. The BIG catch is you have to have someone give them the money. Usually that’s the seller. Of course, the seller will want a higher price in return, so you’re in effect financing your down payment. (By the way, I know this sounds kooky and/or shady: the seller gives $$ to the program, then they give you the money. But I assure it’s 100% legal and done with the lender’s full knowledge.)
Buying or Selling A San Diego Investment Property
