The housing market is improving according to the National Association of Home Builders. High demand coupled with low mortgage rates spells "buying" for many families. If you are among them, planning for a down payment is high on the priority list. Review the following fast saving methods.
1. Create A Buying Budget
The housing crash of 2007 was the worst in U.S. history, motivating mortgage lenders to reinstate 20 percent down-payments as a standard buying requirement. Unfortunately, these restrictions forced many buyers out of the market.
2. Research Your Options
In addition to saving for a down-payment, don't forget to take advantage of local and federal housing programs, which may reduce your need for a large down payment. These include:
-U.S. Department of Veterans Affairs
-Federal Housing Administration (FHA)
-The Department of Housing and Urban Development (HUD)
3. Cut Spending
The average budget carries some flexibility, and now is the time to use it. Maximize savings by:
-Downgrading your needs
-Lowering your interest rates
-Reigning in entertainment
4. Consider Getting A Part-Time Gig
5. Redistribute Your Assets
I hope this article has helped you. You can read similar articles online at www.echomeinspection.com
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