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August
16
16
Show Your Money Who's the Boss. Saving for a Down Payment.
If you are thinking of buying a home, you probably already know that your budget is one of the main factors in determining which homes you will consider, and coming up with a down payment can be a daunting reality for many prospective buyers. However, before you talk yourself out of your dream of purchasing a new home, have a look at some of the many creative ways that you can realistically save for that all-important down payment.
- Define Your Goals
Deciding how much you can afford to spend on a home is a pretty important part of buying a home. Work up a budget and consider seeking guidance from a financial counselor or your lending institution to keep you on track. Once you know the price range your home search will fall into, then you'll be able to understand how much of a down payment you'll need to save. A 20 percent down payment is traditional. Outlining a timeline when you plan to purchase allows you to calculate exactly how much you'll need to save each month. - Commit to Paying Off Unsecured Debt
It's easy to fall into the trap of carrying a balance on your credit cards each month, paying the minimum payment or perhaps a bit more. The harsh truth is that you're only making the credit card companies wealthier as they keep tacking interest onto your balance each month. Pay as much as you can towards your balance each month and only use credit when necessary. Before you know it, you'll be able to use that monthly payment as an addition to your down payment savings fund. - Say No to Unnecessary Spending
Cutting back on discretionary spending can boost your savings quicker than you might think. Skipping dinner out or purchasing that trendy handbag to reach your homeownership goals more quickly will be rewarding. Another smart strategy to help you save is to put all or at least some of your tax refund and work bonuses towards your down payment instead of using it for travel or other unnecessary purchases. - Make Saving a Creative Game
Small steps like rounding up each purchase in your checking or debit ledger or using coupons for items you need make saving a fun challenge. Set yourself a weekly savings goal, and see how many creative ways you can find to help you reach your target. - Research Available Programs for Home Buyers
Grant programs are available nationally and in some states to assist qualified home buyers with their down payment. A bit of online research to see if you meet the qualifications may prove to be to your advantage. If coming up with a 20 percent down payment still seems almost impossible, you might consider a non-traditional loan with much lower or no down payment required. Examples of these lending alternatives include loans from the FHA, VA, USDA, and others. You'll have to meet the qualifications for any of these type of programs, but if you do, you're initial out of pocket expense will be much less at the time of closing.
At Josey Young & Brady Realty, our REALTORS® want to help you get the most for your money and get you into your dream home as soon as possible. Contact us today for more information and let us show you a world of possibilities.