How To Save For A Down Payment
Jennifer Mazeika
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
