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Tips to Save for a Downpayment

Are you thinking about buying a new home? Gone are the days of 100% financing with zero downpayment. So if you are not sitting on a pile of cash, the idea of finding the money to pay the downpayment might feel daunting. But there are simple ways to raise the cash needed to get into a new home.

  • Assess Your Current Assets – The first step is to determine what cash you might have available right now. Do you have a savings account or perhaps a 401k*? Are you nursing a pet project, like a vintage car or motorcycle, which could be sold for additional cash?
  • Explore Loan Options – Not all home loans require the typical 20% downpayment. FHA and VA loans are available for qualified buyers which allow a very low/no downpayment.
  • Ask For Help – Some loans allow you to use gift funds from relatives for the downpayment. There are also local and state programs which offer downpayment assistance and second loans.
  • Employment Incentives – Some cities and counties offer help with buying a home for teachers and first responders. If you fall into one of these categories, speak with your lender about options for downpayment assistance.

Buying a new home is a great way to add to your financial security. Building equity with a property is one way to build wealth while providing for you and your family. Finding the downpayment might be easier than you think. If you are ready to explore homeownership, meet with a lender and discuss your unique situation.

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