Saving up the down payment is the biggest challenge for many home buyers. Especially those looking to make a leap from renting to buying.  While there are many loans that require as little to as 3% down for initial payment. 76% used there savings as a down payment in 2016. Here are some tips to consider when saving for your down payment on your home.

1. Start soon- Open a separate savings account just for your down payment. You'll also have to set money aside for closing costs.

2. Weigh loan options-The type of loan you get will determine the amount of money and loan required for your down payment. Consult with your real estate specialist and loan officer to discuss your best options.

3. Explore the options-The majority of 1st time home buyers request assistance from family or friends. They also consider pulling money from there 401k or IRA accounts. Before doing that check to see if you qualify for down payment assistance programs.

4. Consider using home equity-This can leverage your buying and investments. 


Blake Anthony Papalia 

Home Made Real Estate Broker