How did you come up with the down payment to purchase your home?

Question

Your first home.

Answer 1

I was very careful with money, saved whatever I could, worked a second job for awhile, got a roommate, and kept my credit excellent. I put 20% down on a 132,000 house, way back when I was in my early twenties.

Getting a second job, or temporary work, really helped. I had a full time job, and went to night school some nights, but I found jobs on the weekends and eves. It was hard, but I'm really glad I did. Of course, I bought a house based on my income, not including my temporary second income. Now I rent out that home.

Good luck.

Answer 2

Lived BELOW our means long enough to accumulate 3% of the purchase price of a small 4 unit building.  Sorted thru tenant applications 'til we were blue in the face. Found some decent renters to help us pay our mortgage. And then years later with the tax savings we created by owning this small Inc Property bought our personal residence again w/3% down payment on an FHA loan.....

Answer 3

Col. Kurtz Has the best answer. Create a budget and live below it! SAVE SAVE SAVE

There are 100% financing programs out there but with that comes Mortgage insurance which can cost upwards of 300.00 and more per month so now you not only have to qualify for the loan but have the ability to pay that much more each month

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These types of programs are only for people with great credit scores.

The other option is that most cities and or counties have down payment assistance programs. Which some times require your contribution of 1.5% to 3% But if you sister that with the Ameridream Program which is a tax incentive program for sellers to credit you up to 6% of the purchase price for down payment and closing costs you may not have to pay MI insurance