I've written before about saving up to buy a house in Hoover, Alabama. The down payment on FHA loans went up from 3% to 3.5% on October 1st, so for an FHA at least, you have to save a little more to get into that home. This means that if you want to buy a $100,000 house, you will need $3500 for your down payment.
There are many ways to save for that house. One idea is to save your loose change. You can get a big jar and at the end of the day, just empty your pockets. You can use the money to go to Atlantic City - or save for that down payment. Keep the jar on your dresser and you can watch it grow. Another way is to use a piggy bank. I had one years ago where once you put the money in, you couldn't get it out unless you broke the pig. I gave one to my friend in high school. It was huge and she could hardly lift it because it was so heavy.
This may not sound like much of a plan, but check out this story - a man bought a car using loose change he had saved. Not some old beat up car either. He bought a 2008 Dodge Ram pickup NEW.
So if he could buy a New car, that down payment doesn't seem so out of reach!
Start saving TODAY. When you're ready to buy a house, let me know. I'd love to hear how YOU got YOUR Down Payment to Buy A Home.
Comments(0)