One of the biggest obstacles to homeownership is often the down payment. If you want to purchase a home, but are struggling with this issue, follow these five tips from Down Payment Resource, a trusted partner with the Greater Lansing Association of REALTORS, to help get the funding you need.
Automate your savings
Down Payment Resource suggests having a portion of your paycheck automatically deposited into an account specifically reserved for your home purchase. Remember, in addition to a down payment you will also need extra funds for closing costs, movers, and possibly items for your new home, like appliances or window treatments. Any extra savings you can build is helpful.
There are also “round up” programs through different banking institutions that will round up your purchases to the nearest dollar. That extra change adds up over time and can be a big help when you are ready to purchase.