Setting a down payment goalBefore you can set a down payment goal, you first need to figure out how much you'll need for a lender to approve you for a mortgage.
Determining the size of down payment neededThe minimum size of your down payment will depend on the loan program you use.
Exploring down payment assistance programsDown payment assistance programs can help cover part or all of your down payment.
But if you can save up a down payment of at least 20% of the home's purchase price, you'll avoid paying PMI (private mortgage insurance), which can reduce your monthly payment.
To save for a down payment, create (and stick to) a budget, reduce unnecessary expenses, increase your income through side jobs, automate your savings, and explore down payment assistance programs.
Persons:
You'll, you'll, windfalls, Windfalls
Organizations:
Netflix, Spotify, Federal Deposit Insurance Corp, PMI
Locations:
homebuyers, Chevron