Downpayment Savings Tips

Saving for downpayment

Downpayment Savings Tips

Dreaming of owning a home but finding saving for a downpayment daunting? ūü§Ē

Fear not! As your helpful Loan Officer, I’m here to assure you that with the right game plan and determination, we can make your homeownership dreams a reality!

Let’s embark on this journey together with these downpayment savinsg tips:

  1. Open a dedicated savings account specifically for your new home, so it is untouchable for daily expenses
  2. Automats the savings.  Set up for example, and automatic transfer of $200 a month from your daily checking account to your new home savings account
  3. Cut unnecessary spending, and ‘pay yourself’ into your new home savings account whatever you used to spend on the other item.¬† For example, shut off the premium cable channels like HBO that you might never watch, and send the $10 – $15 a month to your new savings account.
  4. Did you know you can borrow money from your 401k to buy a house?  Heck, you can even take a permanent withdrawal from that account to buy a house.  note on a permanent withdrawal to buy a house, there is no penalty, but there will be taxes due.
  5. There are many down payment and closing cost assistance programs.  Be sure to ask your Cambria Mortgage Loan officer if you qualify.  Note on these programs, there are usually income limits, but these limits can be pretty high.

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