Savings tip to Building up a Down Payment for Your Home

By Lynnette Khalfani-Cox, The Money Coach®     

When you’re dreaming of buying your first home, it may seem like it’ll take years to save up enough money for a down payment. But there is a way to get help with your housing down payment.

The secret: down-payment assistance programs.   

With down payment assistance programs, you get help to become a homeowner in a variety of ways. Some down payment programs are completely free, no-strings attached housing grants that can be used to increase your down payment or help cover your closing costs. Other programs provide federal and state tax credits, or mortgage loans with ultra low rates. SchoolsFirst FCU offers a first-time buyers program featuring a low down payment and  reduced private mortgage insurance.

Interested to know what’s out there? Check out DownPaymentResource.com, a database of roughly 2,400 home down payment assistance programs across the U.S.

Overall, 87% of homes in America are eligible for one or more homeownership programs, according to DownPaymentResource.com. The most common down payment benefit is around $10,000.

 

 

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Extra Credit provides general information to help improve our Member’s financial lives. Every situation is different, so please contact us for guidance on your specific needs. The advice provided in Extra Credit is not intended to serve as a substitute for speaking to a loan representative, financial advisor, or BALANCE counselor who can help tailor a solution for you.

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