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How to Save for a Down Payment Part 2

Save for a Down Payment

Did you know, in 2017 well over a million American’s bought their first home - people who purchased without an equity from an existing home?

How to Save for a Down Payment:

Did you know, in 2017 well over a million American’s bought their first home - people who purchased without an equity from an existing home?

  • ?Develop a budget & timeline
    • Determine how much you will need for a down payment and create a budget to calculate how much you can realistically save each month. This will help you gauge when you’ll be ready to transition from renter to homeowner.
  • Break down your savings goal into a daily amount
    • Say you need to save $30,000 for your first home. If you want to buy said home five years from now, you’ll need to save $6,000 a year, or about $16.50 a day. Knowing the daily amount will help you make smarter decisions about when or when not to order takeout, buy that $6 latte, or do a little shopping.
  • Celebrate savings milestones
    • Saving enough for a down payment can be daunting but breaking it up into smaller goals can seem more attainable. If you need to save $30,000 total, consider treating yourself to a nice meal every $5,000 saved. This will help you stay motivated throughout the process.
  • Look into state and local home-buying programs
    • Many states, counties and local governments offer programs for first-time homebuyers. Some programs offer housing discounts, while others provide down payment loans or grants.

Contact a New American Funding Loan Officer to find out about programs available in your area.

Sources: 

https://www.aba.com/advocacy/community-programs/consumer-resources/calculators/saving-for-your-down-payment

https://www.thesimpledollar.com/buying-a-house-how-to-save-for-a-down-payment/

http://theeverygirl.com/how-to-save-for-a-down-payment-on-a-house/

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