One of the first questions your Tucson real estate agent will ask you is how much money you are planning to bring to the home purchase. There are many advantages to bringing a down payment when purchasing a home. It can give you instant equity in the home and can help you afford a higher priced home as well. The problem is that many buyers, especially first-time home buyers, do not have the traditional 20 percent down. The good news is that there are many options to help you secure a down payment so that you won’t only be looking for a home with your Tucson real estate agent, but you will actually be able to by one as well.
One of the first things that you can consider is the type of loan that you are applying for. There are loans that do not require lenders to have a down payment. Many times these loans are specialized such as a VA loan for veterans and active military, first-time home buyer deductions, or rural development loans if country living is up your alley. Your Tucson real estate agent can help you know if there are houses that would fall under specific loan deductions as well.
If you do not qualify for any of these specific loans, your Tucson real estate agent has found that talking to family or friends for help with the initial down payment can be effective. Any amount of down payment that you can bring will serve as a negotiation tool for your Tucson real estate agent and can bring you closer to loan approval.
Your Tucson real estate agent will often find that people are using money saved through employee benefits can sometimes be used for a home purchase. Some employers offer benefits to employees that can be taken out and repaid over a period of time. Before you choose this route for a down payment, always explore the taxes that you will be responsible for and any penalties that can be incurred.

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