How Can I Buy A House If I Don’t Have The Down Payment?

You will want to examine the sources of capital that may be available. Loans may be obtainable at minimum interest rates through credit unions associated with your place of employment. Or you may find that if your credit rating is good, the local bank may loan you the needed cash. On the other hand, a relative may be happy to help out. But with the down payment borrowed, you will need to be assured that you can pay it back as well as service the mortgage.

Some families have purchased houses that are sufficiently large so that a room or two can be rented to tenants. The income from the rental is then used to pay back the loan, while other expenses are met by the family's regular income. Such a method has been a successful avenue to property ownership for some. Just one word of warning if this should be your plan—be sure to buy in an area where municipal zoning allows you to sublet.

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