5 Strategies For Making Your Down PaymentJonathan
For many people buying a home is the American dream but saving for the down payment might not be. Here are some tips and strategies to make your down payment.
1. First-time home buyer programs. There are a number of first time home buyer programs such as FHA, VA and USDA loans that have lower down payment requirements than conventional loans.
2. Old fashioned monthly savings – this takes longer but make a monthly budget of your spending – see where you can cut back and see how much you can save monthly – then commit to saving towards your down payment each month.
3. Tax Return – with tax season here, if you are getting a refund, try setting it aside towards your down payment.
4. Get side gig – if you have enough time consider getting a side gig and save the money from that.
5. Ask – its fairly common for parents to help their kids with money towards down payments today (for those lucky enough to have this option), you can also consider asking friends and family for cash instead of gifts to help you put towards your house.
The market is changing and it also helps to see how much you’ll need to save and what you can qualify for – so please fill out our quick qualifier on our website to get a good idea of what you can qualify for.