3% Down for First Time Home Buyers

First time home buyers have the challenge of finding a home that is right for their family at a great price. They must have done all the research about the home and have financing in hand before they make an offer. They must also be able to make a 3% down payment on the home in order to secure the purchase. Here are some ways to get the money for your first down payment on a home.

Ways to Get Money for a 3% Down Payment

  • The easiest way to get the money you need is to begin saving for your first home purchase years before buying one. Try and a set a certain amount aside each pay period and do not touch it until the time is right to buy a home.
  • Take out a small loan on your car.
  • Consider taking out an investment loan against your retirement savings.
  • Ask family for help in making the payment. Just make sure to pay them back right away.
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