---
title: Creative Ways to Source a Down Payment
description: Creative Ways to Source a Down Payment
image: https://blog.homelend.net/hubfs/money-2696228_1920.jpg
---
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© 2019
[Sara Livecchi](https://blog.homelend.net/blog/author/sara-livecchi) |
[December 05, 2019](https://blog.homelend.net/blog/archive/2019/12/05) |
[06:05 PM](https://blog.homelend.net/blog/2019/12/creative-ways-to-source-a-down-payment) |
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# Creative Ways to Source a Down Payment
Many prospective homebuyers face a big hurdle: the down payment.
But coming up with that initial investment doesn't have to be a roadblock even if saving is difficult. These four options could make homeownership a reality sooner rather than later:
- **Pulling from an IRA:** You, your spouse, parents or grandparents could withdraw up to $10,000 from a traditional IRA to put toward a home. Although it's categorized as a first-time homebuyer exemption, anyone who hasn't owned a principal residence in the past two years may qualify. Note: Some differences exist when withdrawing from a Roth IRA.
- **Receiving a gift:** If you have family members willing to help you out, you can get what's called "gift money" for your down payment. The amount of gift money you can use depends on the loan type. And you'll likely need signed documents stating that the money is indeed a gift, not a loan or anything earning interest.
- **Co-buying:** Another option is to buy a home with a family member or friend. It'll allow you to split the down payment and the mortgage payment. But co-buying does come with an important decision - how the title will be held.
There are also low down payment options like HomeReady, HomeOne, Home Possible and FHA loans. Want to learn more, or know someone who's looking to buy a home? [***Get in touch today***](http://iwp.homelend.net/)
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