Finding Ways to Afford Your Home Down Payment

Man and woman talking to their real estate agent about the house they're buyingBuying a house is one of the biggest decisions you will ever make. While you do not have to cover the entire cost of the home up front, you must pay a significant down payment to close the deal.

Having a big amount for down payment can help you get a good deal from a mortgage company in St George. Here are some tips that you can use to save enough money for your down payment.

Check Out Down Payment Assistance Programs Offered by Your State

Some states, such as Utah and California, offer down payment assistance loans to prospective homeowners. The loans can help cover the down payment and closing costs. Check out your local government website to see if there are programs that you may qualify for.

Apply For National Government-Sponsored Down Payment Assistance Programs

Not too many home-buyers are aware that they can qualify for down payment assistance programs or grants offered by the national government. With the loan proceeds, you can lower your down payment and out-of-pocket expenses by a significant amount. You can find many programs online. These include those offered by the National Home-buyers Fund.

Save Your Change

You may not realize it but you can save some money to add to your down payment fund with small amounts at a time. Some banks allow their account holders to save the spare change from online transactions they make. You can use online banking/payment apps that will round up your payments to the nearest whole dollar. The app will deposit the change into your designated savings account.

Save a Part of Your Performance Bonus or Tax Refund

If you are expecting a performance bonus or tax refund anytime soon, set some money aside for your down payment. It’s alright to spend a little for dinner at a fine restaurant or a weekend getaway. But do not splurge on luxuries or things you can live without.

These are only a few ideas on how you can save enough money for your down payment. With a little creativity and proper planning, you can come up with more and get the keys to your new house soon.

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