Nnenna's RE Newsletter
"But I Can't Afford the Down Payment"
If the one thing keeping you from buying a house is the down payment fear no more. Most Americans do not have enough capital to put a down payment on a house. The mere thought of shelling out thousands of dollars causes unnecessary amounts of stress, therefore many people's dreams of home ownership are put on hold indefinitely.
The down payment is all dependent on the cost of your house, so the more expensive the home the more money you will need. An FHA loan requires 3.5% of purchase price as the down payment. ex. A $150,000 home would need a down payment $5250. Here a few ways that you can achieve this goal in a short amount of time.
7 Ways to Save Money for a Down Payment
1. Move in with your parents or get a roommate-Moving in with your parents is the best way to save. You can put most of your check in savings. (assuming they do not charge you rent) A roommate can relieve the burden of rent
2. Get a temporary second Job (seasonal Job during x-mas or tax season)- You may only need to work one season
3. Limit your recreational activities such as eating out, movies-Do not deprive yourself of a life just find cheap alternatives. Use groupon or do cost free activities. (host a game night, potluck)
4. Use the coupons that come in the mail- Don't throw the grocery store adds anymore. Clip those coupons.
5. Start a low entry-fee part-time business-photography, scrapbooking for other people, Mary Kay, tutoring- The hobby you never pursued as a business can now serve as your side hustle.
6. Sell your stuff on ebay, craigslist, etsy,or at a garage sell- You never know what people are willing to pay for your stuff. One man's trash is another man's treasure.
7. Take extra shifts at work, overtime- Time and 1/2 will bring in the extra money
necessary to put toward your dream home
Some of my suggestions may seem extreme but it will only be for a short while until you have enough money saved up.There is an alternative to stretching your dollar, Down Payment Assistance programs are also available. (some restrictions apply) Contact Mortgage Broker Eric Armendariz for more information email@example.com Mobile: 214-663-4512