Dont have my down payment

by Michelle
(Washington)

I recently made an offer on a new home, it was accepted and the house is a month away from completion. I have had some car problems and other unforeseen expenses. I recently received my loan payments and found out that I will need about $9800 for a down payment.

I had originally figured it would be about $9000 but I put $1000 in earnest money so I thought I would only need to bring about $8000 to the table. I do not have the $9800, what do I do if I can not come up with the entire down payment?

=====ANSWER=====

Hello Michelle,

Thank you for coming by my site.

You do have a situation here. You may want to act very fast to make sure you do not loose the chance to buy the home and your earnest money deposit.

Not knowing exactly what kind of loan you have applied for, if it's an FHA I would go to family and ask them to help. They can gift you money for a down payment.

Again, if it's an FHA loan, you could look for some down payment assistance,and try to get this into the deal right away.

Please discuss this matter with your Realtor and Loan Officer right away.

Hope this helps,

Regards,

Jeff Ragan