Looking to buy your first home, but having trouble coming up with the down payment? Typically you need to have between 5-50% of the purchase price of your home, so here are a few tips to help you save your down payment faster! Save Your Tax Refund—Doing this alone for a few years may add up to a considerable amount to contribute to a down payment, especially if both you and your spouse commit to contributing the full amount. Set Up A Savings Plan—This is a great way to make a regular contribution to your down payment fund, and with accounts that allow you to round up all your purchases and automatically deposit them into your savings account, this can be an easy way to save money quickly. Sell Unwanted Items—This can add a considerable sum to your down payment fund, and is also a great way to get rid of unwanted items before your move. Check Out Government Programs—There are a number of government programs available, depending on your area, that can assist you in saving for a home, especially if you are a first time buyer. Dip Into Your Retirement Fund—Be sure that you consult a financial advisor […]
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Purchasing a home with a low down payment is important for a number of reasons, including the buyer’s ability to have extra cash left over for closing costs, decorating expenses, upgrades and/or other essentials needed to turn their new house into a home. Thanks to the level of competition between mortgage lenders, it’s now easier than ever to buy a home with a low down payment. First-Time Homebuyers There are a lot of perks to being a first-time homebuyer, including the ability to get in the door with a low down payment. Many lenders will ask for a down payment as low as five percent (three percent for FHA loans) to those looking to purchase their first home. A first-time homebuyer is someone who has rented their previous home(s) or has never purchased a house on a permanent foundation. Individuals who have owned manufactured homes may also be eligible for a first-time homebuyer loan, but the final decision is up to each individual lender. FHA Loan This type of loan is guaranteed by the Federal Housing Authority (FHA) and allows for a smaller down payment than many conventional loans. In addition to offering down payments as low as three percent […]
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