Marlene Smith

Real Estate Broker

  • Home
  • About
    • About Marlene
    • Accessibility Statement
    • Privacy Policy
  • Resources
    • First Time Home Buyer Tips
    • First Time Home Seller Tips
    • Home Pricing 101
  • Blog
  • Contact

A Few Creative and Effective Ways to Save Money for a Down Payment

December 29, 2020 by Marlene Smith

A Few Creative and Effective Ways to Save Money for a Down PaymentFor those who are looking to buy a home, they know that this is one of the most exciting experiences in the world. There is something special that comes with looking at a bunch of homes and envisioning a life there. On the other hand, the prospect of saving 20 percent of the home’s value to put down might seem overwhelming. Fortunately, there are a few creative ways that people can save up enough money to purchase their starter dream home.

Talk To The Seller

One of the first tips that people need to keep in mind involves talking to the seller. There are a bunch of items that need to be negotiated between the buyer and the seller. One of the most important is the closing costs. Ask the real estate agent to speak with the seller. Even if the seller is able to take half of the closing costs, this could amount to a few thousand extra dollars that could be put toward the down payment.

Crowdsource The Down Payment

Another creative option involves asking the crowd to help with the down payment. It is not unusual to see people try to go the crowdfunding route for everything from medical bills to student loans. Why not give it a shot with a down payment as well? First, anyone who has a wedding coming up should add “money for a down payment” to their wish list, as this is becoming more common. Second, think about exploring platforms like Feather the Nest to try to raise money for a down payment.

Check With The Employer

Finally, it is also critical to look at your Employer Assisted Housing Program(EAH). While not everyone is going to qualify, those who work for an employer who falls under this category might qualify for a substantial loan for the down payment and closing costs. The best part is that this loan comes without interest. 

Save For A Down Payment

These are a few of the top ways to save money for a down payment. Using these tips, everyone can get over that last hurdle and buy their home.

Filed Under: Mortgage Tagged With: Down Payment, Mortgage, Savings

Marlene Smith

Contact Marlene


Real Estate Broker
Invest Rite Realty Group
CALL (541) 324-8330

marlene@marlenesmithrealtor.com
LIC #200610110
Invest Rite Realty Group, LLC Logo

How can we help?

  • This field is for validation purposes and should be left unchanged.

Connect with Us

Browse Blog Articles by Category

Recent Articles

  • 3 Tips To Consider When Buying A Home With An FHA Mortgage
  • S&P Case-Shiller Home Price Indices: Home Prices Fall In November
  • Is It Worth It to Put More Than 20 Percent Down?
  • What You Need To Know About A Closed-End Second Mortgage
  • What’s Ahead For Mortgage Rates This Week – January 30, 2023

Looking For Something?

Categories

Our Location


Eagle Point, OR

Copyright © 2023 · Powered by MySMARTblog