All too often people do not realize how close rent payments are to mortgage payments in dollar value. For many couples, only the down payment is holding them back from homeownership.

If you are planning to get married and expect to get gifts of cash from family members, consider using the money for a down payment on a house. There are a variety of loans that allow family members to gift some or all of your down payment and closing costs on a home. If you receive funds by gift, a "gift letter" must be signed certifying that no repayment of the gift is expected nor implied. One of the key benefits of the FHA program is that the down payment can be 100% gift funds.

Another popular tactic, which can be used in a wider range of programs, is to borrow from your 401K program. If you have a 401K program with your employer, you may be able to withdraw without a penalty for your down payment and pay it back over a specified period. Because of the availability of many first-time buyers loan programs with down payment requirements of 3% or less, this withdrawal availability may be all you need to get into your first home. Keep in mind that each lender is different and should be consulted for the lender's specific requirements.

For a free consultation to discuss which type of mortgage loan will work best for you, call Victoria Spannaus at Wachovia Mortgage Corp. at (800) 741-7813 or 910-692-6225.