You’ve always wanted to own a home, but saving enough money for your down payment seems close to impossible. With all of the bills you have to pay currently, it may be difficult to put money aside.
It doesn’t have to be impossible. There are some easy ways to get you money for that down payment. You just have to do your research.
Take Advantage of Special Programs
If you are a first time homebuyer, there are plenty of programs and grants you can take advantage of. An FHA home loan only requires you to put down 3.5% as a down payment, rather than the typical 20% with a conventional mortgage. If you are a veteran, you can utilize the VA loan, where sometimes you don’t have to put anything down. There is plenty out there! You just have to look.
Find Hidden Money
Remember those bonds you used to get for your birthday growing up from Aunt Liza? They have probably matured by now! Look for money that you stashed away and may have forgot about. Even a couple hundred dollars is better than nothing.
Use Your IRA
Did you know that you could tap into your IRA when you buy your first home? That’s right! You can use up to $10,000 from your IRA to put towards your down payment. If you are married and both of you have a retirement account that will give you $20,000 to put towards the down payment.
Sell Unwanted Items
If you are thinking of moving and buying a house, you may want to get rid of some things. Rather than throwing them out or donating them, try to sell them. Depending on what you are trying to sell, you could make some good money from this.
Get a Second Job
Money doesn’t come free. Sometimes you really have to work hard for it. If you have time, think about getting a second job. The money you make from this paycheck should go directly towards the down payment and nowhere else. If you are able to make an extra hundred or two a week, it will definitely add up.
Want to Learn More?
Do you still have questions about financing or buying a home? Reach out to Philadelphia’s leading real estate agent, The Agent Lady for the answers to all of your questions.