Life Insurance can this help for Downpayment!!!

aladysiren, you can use life insurance money for downpayment but apart from that you can also use a loan or grant from some non-profit organization, municipality or your employer or gift from any of your family member.

Hi Siren,

After you have built enough cash value in your life insurance policy in a few years time, you may be in a position to borrow an amount from your policy equaling up to the accumulated cash value.

Let me also add that there are state and federal programs known as down payment assistance programs which can be used for this purpose.

And there are some mortgage programs where if you qualify, you will not have to make any downpayment also like the mycommunitymortgage from fannie mae.

If you need some more information about such options then please let me know.

Miller

I know of some sites which provide downpayment assistance, you can check them if you need to know about their programs:

http://www.ameridream.org/Homebuyers/

http://www.partnersincharity.org/new_site/i_buyers.htm

http://acornhousing.org/TEXT/homebuying1.php

Thank you for responding oh and thanks for those sites very helpful

Hi Aladysiren,

You can also take a look at some of the other sources that can be utilized in making the downpayment from this page: http://www.mortgagefit.com/down-payment.html

Thanks
Blue

Alady,

One can borrow from the cash value amount of the life insurance policy and use it to make the down payment on his home. Also, one can use the policy for educational purposes or as retirement income.

Thanks