Buying a home is an exciting event and one that many people save up for over the course of years. For the hardworking middle class the idea of saving enough money to purchase a home can seem daunting and unrealistic. Fortunately there are FHA, VA, and conforming loan programs available that let borrowers purchase a home with a small down payment. The VA home loan, for example, does not require a down payment at all. With FHA you can purchase a home with a small 3% down payment. Regardless of which option you chose your savings should include funds for closing cost in case they are not rolled into the loan. Closing cost can run up to 3% of the total loan amount. Home buyers should aim to save at least 6% of the purchase price prior to pulling the trigger. Speak with a mortgage lender to discuss what loan options you qualify for and set a savings goal based on that information.
How to Budget for a Home Purchase
Tax Return - Set aside your entire tax return amount into a house fund. With an average return of $2,500 you could save up enough money to purchase a $250,000 home in three years. Using your tax return also leaves the rest of your income alone for paying current bills.
Roommates - If you are single consider living with roommates while you save. When budgeting pretend you had to pay the entire rent on your own. For example if the cost of your rental is $1,500 and you only pay $500 set aside the additional $1,000 over the course of the year into a home account. At the end of the year you will have $12,000 in savings to purchase a home and spend on furniture or improvements.
Pay Off Debt - Get aggressive about paying off your debt. Review your budget and determine how much extra money you have a month after paying your bills. Direct the majority of that towards paying off your existing debt in year one and saving in year two. Paying off your debt helps you now and in the future. It is easier to afford to purchase your dream home if you aren't paying a lot of other debts at the same time. Even people that don't think they have room in the budget can usually do simple things like eating at home more.
Overtime - Let your boss know that you are saving to buy a home and ask for any overtime hours that become available. Two extra shifts a month could be just enough to save up for your down payment.
When it comes to savings take one step at a time. Working with a mortgage lender ทาวน์โฮมมือสอง กรุงเทพ you can identify the home loan amount you qualify for and how much of a down payment you will need to make. This can help you understand how long it will take for you to save. You may qualify for a zero down program and be able to purchase in a few short months. Make sure to work with an FHA approved lender so you have a variety of home loan options to choose from.
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