How to Save for Your First Home

Want to buy your first home but need help coming up with the down payment? Consider a few tips to help you become a homeowner.

1. The downpayment can be a big reason why so many people think they can not afford to buy a home. The first thing is to actually find out what type of downpayment (it might be $0) you need as well as closing costs. Speaking with a great lender will help you figure out what you can afford. Be realistic and factor in the monthly costs for repairs, property taxes and more you’ll face as a homeowner.

2. Talk to your Realtor about special financing programs. There are new programs now that offers $0 or low money down options. $0 money down is not longer only for VA Loans. 

3. Based on your research, determine how much you’ll need to save. Include
closing costs in the figure.

4. Create a timeline for buying a home and then a budget to get you to your goal.

5. Pay off credit cards, auto loans and any personal loans. This will make it easier to get a mortgage at a lower rate. 

6. Pay your down-payment fund first. Start a separate home-buying account and set up an automated transfer that moves a portion of each paycheck there as soon as the check is deposited.

7. Look for creative ways to save faster. Cut back on luxuries and other costs
where you can. Put windfalls, such as tax refunds, into your home-buying account. Consider working a part-time job for a short time.

The exciting news is that you are not in this alone. When you hire Treu Group Real Estate we are here to help you every step of the way.

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