Sources Of Down Payment

Today we're going to talk about sources of down payment.

So you're ready to buy a home. And now you need a down payment. Now, where can the down payment come from? You're able to buy a home with, of course, your own savings. So money from a savings or checking account, tax free savings account, an RSP, a first home savings account, anything that is actually your own money.

We need a confirmation that it is your own money by verifying a three month bank statement of those funds, the second source of a down payment for a new home can be a gift from an immediate family member. As long as the gift is non-repayable and does not have any payments required from you to the donor. Also, did you know that you can borrow your down payment so if you actually don't have any savings set aside for your first home purchase or you don't have an immediate family member that can support you with a gift, a down payment, you are able to borrow your down payment.

These programs do come with very strict guidelines to qualify, but it's something that we can look into for you. A borrow down payment can come from a line of credit or a loan from a non family member or a friend. So even if you don't have a down payment saved, there's options for you to get into the housing market.