You are viewing the printer-friendly version of Getting that Down Payment TogetherGetting that Down Payment TogetherHere are some suggestions about raising the necessary funds for your down payment:Usually you'll need 15 to 20 percent of the purchase price up front. Bank all your extra money. Whenever you get a bonus, birthday money, tax refund or commission check put it away and save it. Live on one income. If you're a couple, try living on one person's income and save the other. Get rid of the second car, sell your cell phone, turn the cable off; tune down your lifestyle and make sure you put that extra money aside. Get a roommate. Try shared living. This will reduce your rent and allow you to save more money. Pay off those high interest rate debts. This will ease the strain on your wallet. Be sure to save those payments that would have gone to your creditors. Ask your lender about Fannie Mae or Freddie Mac products. These companies have flexible, low down payments that allow you to buy a home with down payments of zero to three percent. Ask your parents or grandparents to help with gift money. Find out about loan assistance programs. There are government programs that offer low income people assistance with down payments. Check with your state and local housing authorities to find out what they can offer. aa |