Want to buy a house but short on cash to get the deal done? It's a common problem that is keeping countless potential buyers on the sidelines. "Money issues often stand in the way of homeownership," said Bankrate. "A survey by rental service Apartment List found that 80 percent of millennial renters want to buy a home, but most say they can't afford to."
A recent story in Apartment Therapy titled "How I Saved $40K in 5 Years for a Down Payment" piqued our interest. Their tip: Get a side hustle and sock all that money away. Those are some impressive saving skills, but if you're saying to yourself, "I don't even want to wait five months, let alone five years", we have some tips that can help. None of them are quite as hardcore as working a second job late into the night (but if you're just that committed, more power to ya!). Instead, we're focusing on ways to get free money or make easy money.
Get down payment assistance
Many people don't think about looking for down payment help (beyond asking their parents, anyway). And many of those who do think about it don't realize they might be eligible. Yes, many grants and other programs are specifically for low-income borrowers, but others have surprising income caps that could spell the difference between buying now and having to wait a while.
"Grants and loans help you cover the upfront costs of purchasing a home," said NerdWallet. In Nevada, for example, prospective homeowners can qualify for a grant of up to 5% of their mortgage to put toward a down payment and closing costs.
For more information on how to get money for a down payment visit the Scoop Blog
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