Down-Payment Savings Tips

 

Saving for a down payment to buy a house can seem overwhelming unless you break it down into small, actionable moves. It will likely take a while to accomplish, but you might be able to save enough to afford a home sooner than you expected.

First-time home buyers are often able to get into a home for far less than the traditional 20% down and there are grant dollars that can be leveraged if you qualify. We always recommend working with a homeownership specialist at a HUD-certified housing counseling agency as they are the organizations with access to down-payment assistance. Homeownership specialist can help you identify how much house you can afford, how to pay down debt and identify lenders that are a good fit for your financial situation.

If you are just starting to think about owning a home and are looking for a few savings ideas, take a look at this list of four down-payment savings ideas. You can also get a general idea of how much you might need to save per week or month using this down-payment savings calculator.