How'd you get your down payment?

Coming up with a down payment is hard, especially the first one. I thought it might be helpful to tell how people have come up with them.

I bought my first house when I was 20 years old. My husband, baby and I moved in with my mother for 8 weeks to help save the money. At that time, interest rates were around 15%. We found a seller, with an assumable loan for 12%. Assuming the loan lowered our closing costs and also got us a better interest rate.

I have also bought three houses by drawing on or liquidating (due to change of employment) my 401K. I always maxed out my contributions to the 401K (20-25% I think). I hardly missed the money because of the tax difference and it adds up quickly. The penalties for withdrawing the funds were offset by the tax savings of buying the house.

I have sold houses to people without much down payment by letting them assume my loan or doing a lease with option to buy.

That is how I have done it.

Jena