Online House Hunting

How can I get 5,000 dollars to put down on a house?

I am trying to buy this house for sale by owner and I need 5000 for the down payment. The problem is I have nothing as calateral. Is there anything I can do? I only owe 600 on my car and then I have that to use. I stay at home with my 3 young children husband works.

Public Comments

1. Get a job?
2. Here's a great idea. Get a job and work hard. Save your money. It really works. .
3. very easy, sell the house and give me the money, iam need of 5,000 aswel, lolz......
4. Check your local government for assistance. It depends on how you are buying the house. If the seller is holding the note, very rare, then you must find the money! If you are purchasing thru a lender than your lender should be able to assist you in locating some additional monies. Dont mean to be rude but if you dont have anything to use as collateral to get 5k then it might not be time for you to take on the responsibility of owning a home.
5. If you can't manage to pay off the $600.00 on your car then I don't think you are in the position to buy a house right now. That said, you might want to try Thelendingtree.com they deal with alot of different financial institutions and might be able to help you secure the funds you need. Best of Luck to you
6. are you financing the property?
7. Wow, I don't know how many of these answers are helpful to you! (Sorry on behalf of some of them). You might be able to get a "gift letter" from a relative for the $5,000 (if you had an immediate family member in that position) to help with that down payment. If you're financing your home, the lender will not like you taking out another loan simultaneously. A gift that doesn't need to be formally repaid looks better to them. Your other option might be selling your car outright (for at least $5600) to get it done. That's only if the home is EXTREMELY important. Also discuss the option of owner financing on part of the deal (i.e. you get a loan for 90% and "borrow" 10% of the purchase price from the owner), and see if that could work.... Just exhaust all options before you give up on the deal. Just because there are uncertainties in the buying process does not mean you're not ready to purchase now. Most people have some kind of doubt when purchasing. My theory: If you have a secure loan that you can afford and it's locked in for a long time (over 5 years at least.....Hopefully 30-40 years), jump in and buy! Don't waste your money on rent......No matter what the doubters say! It won't be a buyer's market forever.....Trust me!
8. get a loan from the bank or have a relative loan you the money.
9. Do this and you dont need 5k....... Get the owner to write an extra $5000 into the contract which will cover your deposit, and put $5000 as deposit in the contract. This way if it is being financed, for the banks purposes you are contributing, and for his purposes he has $5000 there. (Remembering that he cannot use your $5000 deposit until settlement anyway, as it is held in a solicitors trust account) Good luck, remember they land men on the moon, and 'if it is to be it is up to me'. You have a right to ask someone for what you want, and they have a right to say yes or no. You many be surprised they may say yes.
10. Sorry, but you are not in a position to buy. Period. Do not do this, it is just asking for financial trouble. What would you do if the hot water heater quit, the roof started to leak or you needed to replace the stove? You would go to the credit cards? Bad bad bad idea to buy if you have nothing to put down and you are willing to borrow more to buy.