May
02

Want to buy a house, but don’t have a down payment? 

By
You are not alone.  First-time buyers often have to plan and save for a few years.  Start by knowing how much down payment you need to pull together.   There are many programs not requiring 20% down.   A buyer applying 20% of the purchase price as down payment can avoid mortgage insurance.  But – there are 3% and 5% down payment loan programs.   Call or email for a few great mortgage loan offers to get an idea what your budget should be, and with that, how much down payment you’ll need.
  1. With the end goal as your target, start watching every expense and purchase.  Start eliminating all “frivolous” purchases.
  2. Create a separate savings account just for your down payment.   Have an automated deposit come out of each paycheck. 
  3. Buddy up with your spouse or friend and make a game out of it, start a little friendly competition and see who can meet the goal first or save the most each month. 
  4. Save unexpected money, such as a larger tax refund, bonus or gift. 
  5. Find a side business or hustle, a little freelance working or selling on Ebay. 
  6. Create a budget for your mortgage, if you plan on going from a $1,500 monthly rent payment to a $2,000mortgage payment, start putting that extra $500 away now.  This will boost your savings account and help you assess how you’ll manage the mortgage payment once you do buy a house or condo. 
  7. This may be hard in the Valley, but see if you can downsize the rental for a year or two. Rent cheaply as possible to save up for the house purchase. 
  8. There are a few down payment assistance programs for buyers that qualify (maximum income and minimum credit scores, generally). 
Again – please contact me so that I can recommend a knowledgeable lender to provide any and all mortgage information you need.

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United Brokers Group
106 S Kyrene Road Ste 2
Chandler, AZ 85226

602-315-8330

Karla@KarlaRozum.com

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