I get asked numerous times a week, “How do I save for a down payment?” I’m here to answer that question for all of you today.
One of the advantages of being in Clarksville is that we have a large military population. If you have VA benefits, at any time, you are eligible for a $0-down VA loan. If you do have to save for the down payment, here are a few different ways that you can go about that.
The first thing we’d have you do is meet with one of our preferred lenders to determine which program is best for you and how much of a down payment you’ll need, whether it be 3.5%, 5%, or even 20% down.
One way to save is to downsize for a while. If you’re renting an expensive house or apartment, consider moving into something a little more humble and use the extra money to save for your down payment.
Additionally, we all have a lot of stuff that we don’t use. Have a yard sale, declutter your life, and make some money for your down payment in the process.
Shrinking your TV package is also a good idea. Switch from cable to a streaming service or just use Netflix or Hulu to minimize your bill.
All of these tips are simple, temporary things you can do to help you save enough for that down payment. If you would like some more suggestions or need any other real estate-related advice, don’t hesitate to give me a call or send me an email. I look forward to hearing from you soon.