1. Cash out Refinance Your Current Home OR Get A HELOC.

If you already own a home it is just a matter of simply leveraging the equity you already have through a cash out refinance or a home equity line of credit. If you want to explore this option email us support@richardlep3.com 

2. Have A Relative Cash Out Refinance/HELOC Their Home And Gift It To You.

Similar to the first method, you can leverage your relatives' equity. In the grand scheme of things you only need a tiny portion of their equity to get your foot in the door to buy your home. If they are willing to gift you a tiny bit here’s how much you might need for the down payment:

(closing costs estimate not included)

-$1,000,000 house requires at least $35,000

-$750,000 house requires at least $26,250

-$500,000 house requires at least $17,500

-$250,000 house requires at least $8,750

If you’d like to have me help you leverage your relatives’ equity email us support@richardlep3.com 

3. Cash Gift From A Relative.

Gifts from relatives work as well. However if this money isn’t in the bank, a brokerage account, or somewhere traceable… Simply deposit it into the bank and wait until it’s been in the bank for at least 3 bank statements.

4. Equity Gift From Relatives.

If your relatives are selling their house (like your grandparents) and they are willing to gift you some of the equity from the home, you can use this for a down payment and closing cost money.

5. Cash Your 401k Or Borrow Against It.

Many people are apprehensive about cashing in their 401k so they try to borrow against it. Remember typically you’ll only be able to borrow about ⅓ of the value. So if there’s not a lot of money in it you might have to cash it in. Many people worry about retirement but I look at it this way: It would take nearly $2 million dollars in your 401k to earn $60-$80k annually to live off of. 

If you’re anywhere near that then you can simply borrow a small amount from your 401k. If you’re nowhere near that then why worry about it?

The equity in your home will grow simply by paying it down, and chances are the value will increase over time. You can cash in on the home equity to buy other homes that will generate you passive income as well so all is NOT lost. If anything you get more from real estate than you ever would from a 401k.

6. Cash Out Retirement Accounts Or Borrow Against Them.

This is similar to the cashing/borrowing against 401k. This simply applies to all other types of retirement accounts.

7. Cash Stocks/Crypto Or Borrow Against It.

If you have a Robinhood, Ameritrade, Webull, Coinbase or any of those brokerage accounts and you’ve accumulated some assets. You can borrow against them (again typically only a percentage of the value) or you can simply sell those assets and use the cash for your down payment.

8. Traditional Down Payment Assistance Program (not everyone will qualify)

This is basically a second mortgage that you can get through your state/county. Typically has higher rates and fees. Not everyone will qualify as you need to have income lower than the median income of the area you’re looking to buy in. Sometimes that backfires because if your income is that low you might not even qualify for the loan.

9. DIY Down Payment Assistance Program (creative financing anyone can do)

This is a method of creative financing that I invented. This will only work for people who have GOOD credit (700+ FICO 8) on all 3 bureaus. You can get 0% interest funding for the first 6-18 months ranging from $50k - $200kIf you’re interested in this method you must work with a specialist on our team to help you get the funds you need. Email us support@richardlep3.com If you have bad credit it will take longer but we’ll connect you with our team to help you with that as well.

10. Personal Loans

This is the LEAST desired method but it works if you have good credit. If you have BAD credit (anything below 700 on your FICO 8 score) I do NOT recommend this as rates will be incredibly high and you won’t be able to get that much money. Be sure to shop around with your bank if possible. Or even better look into shopping with a credit union for this option.

***Bonus: If you are a veteran or are married to a veteran you can buy a house with $0 down payment, you just need closing cost money. However we can help you negotiate to have the seller and lender cover a portion of your closing costs, if not the entire amount!***

If you’d like to get more info on any of these options please email us support@richardlep3.com or go to www.downpaymenthacker.com to watch a quick training video on how to execute any of these ideas.