JW’s Financial Coaching Podcast Lesson #101-Where not to get a down payment for your next home

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  • Having a down payment is an important part of buying a home
  • Where not to get a down payment for your next home
  • Borrowing money for a down payment is like a shell game
  • Why we need to beware of government programs that “help” home buyers
  • Quote of the lesson from David Henry Thoreau

The JW’s Financial Coaching Podcast_101

 

 

 

 

 

Having a down payment for your next home is an important thing to do. So much that I spent a chapter in my new book on buying a home, A Tale of Two Houses, talking about it.

But today we are going to be talking about where to NOT get a down payment for your next home. Not all down payments are the same and I would avoid recommending getting a down payment from these sources.

  1. 401(K)
  2. Roth IRA
  3. Loan from family
  4. Home Equity Loan
  5. Government program

We go through each one and share why I wouldn’t use these sources as a down payment for a home.

Other resources mentioned on today’s show

Also, join myself and Steve Stewart this Tuesday, April 5th 9:30 PM EST for a Blab session on the Best practices for buying a home.

Today’s quote of the lesson is brought to you by my new book A Tale of Two Houses

“‘I make myself rich by making my wants few” – David Henry Thoreau

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