Brian Emerson

Senior Loan Officer

NMLS: 400942

(612)203-5478

bemerson@edgehomefinance.com

Down Payment Sources

Edina Mortgages - Down Payment Sources

Down Payment Sources

How Do I Save For a Down Payment?

Many folks who have good jobs and decent credit want to buy a home. The problem is that they invested in college loans and have been paying or have paid those loan off. So… I have only a small bank account right now and I really would like to invest in a home.  How do I come up with funds for the down payment?  How Much do I need? There are many different low-down payment loan programs available.  There are programs out there that will provide all the down payment funds to you. Otherwise, you’ll need anywhere from Zero to about 3.50 % for your down payment.

Here are several strategies for coming up with the required funds.

  1. Get a part-time job. Work on a Saturday or Sunday and deposit those funds in a savings account. Even just a job that adds $100 per week saves almost $5,000 in a year. It adds up!
  2. Cut the daily $5.00 Starbucks and pastry! Bring your own coffee to work and pass on the pastry. Your wallet and your waistline will both benefit!
  3. Check your closet. What have you got in there that you don’t use or need? Someone will probably want it. Craig’s List it.
  4. Use your 104k or IRA. Many of these accounts will allow you to use some of your account to buy a home. Check it out.
  5. Gift funds from a relative are allowed.
  6. Bridal Registry. If you’re getting married use a Bridal Registry and request funds rather than appliances, etc.
  7. Employer-provided assistance. Ask HR if they have a program.
  8. Eat at Home! How much do you spend every week dining out? Cut down and save the $6.00 cost of a beer or glass of wine along with $13.00 hamburgers. Just one less dining out dinner for 2 could easily save you what… Fifty bucks?
  9. Down Payment Assistance or Grants. Many cities and lenders have down payment assistance and grant programs. Some programs will provide the complete down payment. A competent loan officer at a local mortgage company should be able to guide your search. A good LO can greatly benefit you and help in many ways. Cool.
By utilizing these ideas; you can be living in your “American Dream” … sooner rather than later! More valuable information about Edina mortgages at www.BrianemersonLoans.com

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