For many first-time home buyers, the idea of accumulating a down payment is overwhelming. Undeniably, saving for a down payment for a home is one of the biggest obstacles to home ownership.
Believe it or not, it is possible to save enough money for a down payment and make the dream of homeownership a reality.
Tips for Saving Money for a Down Payment
- There are government grant programs that can assist home buyers with down payments. In fact, homeowners are able to receive up to $20,0000 toward the purchase of their home by using Government Grants. USA Real Estate in Prescott Valley are experts on Government Grants can answer questions and assist with the grant process.
- Starting an automatic savings account is an effective way to accumulate money for a down payment on a home. Starting small works too. Instruct the bank to transfer $20 every Friday to a separate savings account. Before long, the balance will start growing and motivation will grow too. Increase the weekly amount a little at a time and the results will grow even faster.
- Pretending the current housing costs are equal to what a future house payment will be is a great way to accumulate money for a down payment on a home. If the current housing expense is $600 per month and the future house payment is predicted to be $800, place the $200 difference in a savings account each month to be used for a down payment. This method not only helps the budget get accustom to the upcoming expenses, it grows the amount for the down payment at a rapid pace.
- Shop Around for Other Loans. Fortunately, there are mortgages that offers low down payment options. FHA loans, for instance, offer 3.5% down, and VA loans offer no money down. Again, USA Real Estate is versed in loan options and can educate you in the loan process.
We Can Make Your First Home Buying Experience Easier
When you’ve saved up enough money and are ready to buy a home, the team at USA Real Estate in Prescott Valley, Arizona, has all the resources you need to make your homeownership dreams a reality. Give the USA Team a call at 928-775-0400.