20 Down Payment Saving Tips for 2020
Buying your first home can seem like an insurmountable goal, especially if your expenses are already high. Pricey rent, not to mention car payments, insurance, utilities, groceries, and all the other realities of life, can make it hard to save for a down payment.
Many renters assume they’ll never be able to buy a house for this reason. They spend so much money month to month, there is little or nothing to put away. And the idea of coming up with tens of thousands of dollars for a down payment seems impossible.
But here’s the reality: The current median home price in Westchester County is $570,000 and 3.5% of that—the minimum amount needed for an FHA loan—is just under $20,000. Does that seem more doable?
The truth is that there are probably a bunch of cuts you can make to your current budget to come up with that kind of cash. Here are 20 ideas for 2020...