Ways to Save Up for a Down Payment on Your Wake County Home Purchase

Mar 13, 2013

Wake County home downpaymentEverywhere you look, more and more home first-time buyers are deciding to enter the national housing market.

Why? Because they see that both home prices and interest rates are beginning to rise and they want to get a great deal on a new home.

The same can be said for the Wake County real estate market!

Thus, if you’re thinking about investing in a property for sale anytime soon, then today’s blog is just for you!

Wake County Home Ownership

When you’re a first-time home buyer, it’s critical that you save up money for your down payment.

In fact, the more money you can put down the better because it means smaller mortgage payments and less interest paid overtime!

Here are some ways in which you can easily save up the down payment you need to purchase your dream Wake County home:

Save that Tax Refund! April is just around the corner and depending on how you filled out your withholding exemptions, you may be expecting a big refund! If that’s the case, put that money into a savings account instead of blowing it on a huge shopping spree.

Ask for help from your family. There may be some limitations on just how much your family can loan you for your down payment but every little bit counts! Talk with your CPA to learn more!

Create a System for Saving a Certain Amount Each Pay Period. Even if it’s just $20 a paycheck, that money will add up over time and you’ll have the money you need for a down payment in no time!

Sell The Things You No Longer Use. From Facebook to eBay to a good ol’ fashioned garage sale, there are so many ways you can find qualified buyers these days for items you no longer want.

Request that the Seller Pay for the Down Payment. The market may be picking up but it’s still very much a buyer’s market. Thus, you have a good chance of finding a home seller who is willing to cover your down payment if it means that they’ll be able to sell their property. It never hurts to ask!

Get help from Government Programs. For instance, veterans may qualify for a loan backed by the Veterans Administration, also known as a VA loan. The government also offers a number of down payment assistance programs.

Ask your boss for a raise. Like I said before, it never hurts to ask – especially if it’s been more than a year since your last raise! Make sure to go in knowing the strengths you bring to your company and remind your boss of them as well!

Get a Second Job. If a raise doesn’t pan out, you can always take a part-time job somewhere. Even if it’s just temporary, it will help you save up money for your dream home quicker.

Consider Getting 100% Financing. If your credit score is top-notch, you may qualify for getting your entire home financed. Check around in your community to see what kind of programs are offered.

Your Wake County REALTORS®

Purchasing your first home for sale can be both exciting and nerve-wrecking but luckily when you work with experienced REALTORS® like us, the entire process can be much easier.

So contact us at the Rachel Kendall Team today to learn how we can help make your Wake County home buying dreams a reality!

Until next time,

Rachel

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Still Have Questions?

We can help! Contact us and we can answer any of your home buying questions about homes for sale and real estate in the Triangle or its many communities.