Get creative when saving for a home!

Saving for a down payment on a home can feel like an insurmountable task to take on, but there are a lot of options out there that will help you tackle the down payment hurdle! The conventional way to start saving is to start setting aside a portion of your paycheck each month towards the down payment, but here are some creative ideas that will jump start your down payment:

Get creative when saving for a home!

Saving for a down payment on a home can feel like an insurmountable task to take on, but there are a lot of options out there that will help you tackle the down payment hurdle! The conventional way to start saving is to start setting aside a portion of your paycheck each month towards the down payment, but here are some creative ideas that will jump start your down payment:

Hobbies to Side Gigs!

You may think your knitting skills or knack for putting together furniture is a fruitless talent, but you would be surprised at the amount of money people will pay for such tasks. Whatever your talent may be, put it to work to earn some extra cash to put into your down payment fund.

Government Options

The U.S. Department of Housing and Urban Development, or HUD, offers a number of homeownership programs, including assistance with down payment and closing costs. There are different options based on income, location,a and even certain professions can provide you with eligibility for savings when getting your first home.

When you have some money saved away a high yield savings account may be a good option for you as well as they’re insured by the federal government. Why not put your money to work?

Your Employer

Employer Assisted Housing (EAH) programs help connect low- to moderate-income workers with down payment assistance through their employer. Much of our workforce cannot afford to live in the communities where they work or serve, EAH is meant to assist in resolving this issue.  Ask the human resources or benefits personnel at your employer if the company is part of an EAH program.

Keep the Change!

Change jars may not seem like you are saving a lot of money, but it adds up over time! Change jars are probably the easiest way to save for a down payment.Throw in a few quarters and other coins here and there and you will see progression over time.

Have the Seller Cover some Closing Costs

Many sellers want to sell their homes quickly and might be willing to assist the buyer with closing costs. The less closing costs you as the buyer has to cover the more money you can apply toward your deposit. Different mortgages allow for different concessions, so discuss this with your mortgage broker as well to see your options are.

 

Saving is challenging, but you can make it fun. Get creative and before you know it you will be living in your dream home!

 

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