Coming up with a down payment on a home isn’t always easy, but if you know what you’re doing, you can pull it off.
But what strategies can you employ to make it happen sooner than later?
How to Save for a Down Payment on a Home
In some cases, you don’t need a 20 percent down payment to purchase a home. Most notably, when you use a VA loan or an FHA loan, you don’t need to pull together as much money as you do when you take out a conventional loan.
However, 20 percent of the home’s purchase price is typically standard for buying a home.
Experts suggest several ways to save up the cash you’ll need to buy, short of asking family and friends for a loan.
Down Payment Idea #1: Save Your Tax Refunds
If you get a refund, would you miss it by saving it rather than spending it? It may be a good idea to stash your refund away to use toward a down payment on your next home.
Down Payment Idea #2: Put Away a Little at a Time
If you can save a small amount from each paycheck, your savings could add up quickly. Find out how much you can spare and stick to a system – and don’t touch the money unless there’s an emergency.
Down Payment Idea #3: As the Seller to Contribute to Your Closing Costs
If the seller pays some (or all) of your closing costs, or if the seller is willing to credit you the down payment because you’re paying the full asking price, you could be able to save a bundle.
Are You Looking for a New Home in Grand Junction or the Surrounding Communities?
If you’re looking for a new home in Grand Junction, Fruita, or any of the surrounding communities, we’d love to help you find it.
Call us at 970-765-4135 or get in touch with us online. Tell us what you want from your next home and we’ll start looking right away.
In the meantime, please feel free to explore our Grand Junction real estate listings by price:
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