I will sell my car to buy this house states one first time buyer in Virginia.Wow what an unexpected statement in the days of instant gratification and where cars seem to cost as much as houses.
The first time buyer was trying to figure out how to come up with a down payment for his FHA Loan Purchase. Initially, he was going to use the first time buyer program in Virginia, which allows buyers with a 620 credit score to finance the FHA down payment with a small second mortgage.
After closer review of ther numbers the first time buyer would not qualify for FHA Plus but he could still buy the home with a regular FHA loan which has less restrictive debt to income ratios than the first time buyer program in Virginia.
After a few suggestions about ways to come up with a downpayment the buyer states as a matter of fact that he will sell his car at the auction to make up the difference for his downpayment. For this buyer homeownership matters more than a toy (his extra car).
Along with selling your car, here are some more creative ways to fund your FHA loan down payment:
- Gift from family or long time friend
- Employer contribution program
- Borrow from your 401 (K) or Thrift Savings Plan
- Use funds from your IRA
- Get a part-tine job
- Use your tax refund (if applicable)
- Sale unused items at auctions, etc.
Houses do appreciate cars don't! SELL YOUR CAR AND BUY A HOME TODAY!