Budgeting for Down Payment

 Budgeting for Down Payment

Once you have  moved into your Dream Home, you are one step closer to becoming a homeowner. Now, budgeting is one of the most important steps in order to secure the necessary funds for a downpayment (3.5% of purchase price for FHA, 0% for VA + closing cost for both). On a $250,000 house, you willl need $15,000+ to close and become a homeowner. 

Here are a few tips to make that your reality as soon as possible:

1) Create a savings budget.  You can start with this calculator: https://dreamamerica.com/budgeting

2) Cut out unnecessary expenses (easier said than done!)

  • Once you become a homeowner, your monthly mortgage payments will be less than your rent payments and you will then have more cash to spend.  Tightening down in the short term will free up money tomorrow AND make you a homeowner.  

    • Do not apply for new lines of credit before consulting Dream America (car, credit cards, etc)

    • Make sure you pay all your bills on time and put your Dream rent payments as your top priority

Dream America is here to help you along the way on your path to homeownership.

 

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