Jennifer Lee Mazeika

GRI, ABR

“Home is where your story begins, I’ll help you get there.”

How To Save For A Down Payment

Here’s how most people get the cash for a real estate down payment, as well as some ideas for other creative ways to get ready to buy.

  • 63% of people tap into their savings
  • 38% generate more income (find a second job; take a freelance job)
  • 22% government programs (loan programs that can minimize or eliminate your down payment)
  • 11% cash out investments (stocks and CDs)
  • 8% pull from 401k
  • 11% gifts (money from recent wedding, etc.)

Other Options:

  • Cut living expenses
  • Private loans (borrow from family)
  • Existing equity (if you already own a home)

Source: Househunt.com