Tips for Saving for a Down Payment on a Home

saving for a home

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Embarking on the journey from renting to home ownership? It’s a thrilling yet somewhat daunting task. The magic number you’ll need to aim for when saving for a down payment ranges from 5% to 20% of the home’s value. The median down payment for all homebuyers is currently 15 percent as of 2024, according to the National Association of Realtors1. But don’t let this scare you. With a sprinkle of patience, a dash of strategy, and a whole lot of budgeting, you’re well on your way to owning that dream home.

First things first, let’s talk budget. Establishing a detailed budget and timeline not only gauges your readiness for home ownership, but it also keeps you on track. One smart move is to create a separate savings account dedicated exclusively to your down payment fund. This tactic not only helps prevent you from dipping into your savings for non-essential purchases, it also provides a clear picture of your progress. To consistently build your savings, consider setting up automatic contributions, letting technology do the heavy lifting.

Another key strategy is reducing major monthly expenses. Shopping around for the best deals on insurance, communication services, and other subscriptions can free up a surprising amount of money. Online banking tools can also be incredibly handy for monitoring your spending and ensuring you’re staying on track. Plus, don’t overlook state and local home-buying programs designed to ease your financial load.

And here’s a little secret: celebrate your savings milestones. Hitting those targets, no matter how small, can give you the motivation boost needed to keep going. Every dollar saved is a step closer to your property investment goal.

Key Takeaways:

  • A substantial down payment, typically 5-20% of the home’s value, is essential for transitioning from renting to owning.
  • Creating a budget and a timeline helps gauge your readiness for home ownership.
  • Setting up a separate savings account for down payment ensures consistent savings growth.
  • Reducing major monthly expenses can significantly bolster your down payment savings.
  • Celebrating savings milestones maintains your motivation throughout the journey.

Understanding How Much to Save for a Down Payment

Figuring out how much to save for a down payment is crucial in the journey to homeownership. Grasping the importance of a substantial down payment can make a world of difference in your finance planning and overall mortgage options. Let’s dive into the nitty-gritty of down payment percentages, their calculations, and their impacts on monthly payments.

Importance of a Down Payment

A down payment is a fundamental element of any property purchase deal. It can often determine the terms of your mortgage options and influence the perception of your financial reliability in the eyes of lenders. According to the American Bankers Association, a larger down payment can often secure better loan terms and lower interest rates, making your finance planning a smoother ride.

Calculating the Exact Amount

Calculating your down payment percentage is a critical step in the finance planning process. For example, conventional loans may require a down payment as low as 3% of the purchase price, amounting to $10,500 for a $350,000 home1. Similarly, FHA loans demand a 3.5% down payment, translating to $10,500 for a $300,000 home1. The median down payment across all homebuyers is around 15%, which serves as a useful benchmark1.

Impact on Mortgage and Monthly Payments

The size of your down payment directly affects your mortgage principal and monthly payments. Most banks prefer clients who can put down at least 20% because this generally means better finance planning and less risk for the lender2. Moreover, the cost of closing generally ranges between 2% and 5% of the mortgage’s principal amount, adding another layer to your financial preparation1. A more substantial down payment leads to lower monthly payments, making it a long-term saving strategy.

To encapsulate, understanding the nuances of down payments, calculating them accurately, and recognizing their impact on mortgage options and monthly outlays can significantly ease your path to homeownership.

Creating a Budget and Timeline

Crafting a comprehensive budget and establishing an achievable timeline are crucial steps for effective budget development and setting realistic financial goals. By dissecting your financial landscape and understanding your current savings rate, you can embark on a systematic saving strategy tailored to your needs.

Setting Realistic Savings Goals

Determining a realistic amount for your down payment is the first step. On average, the down payment for a home purchase ranges from 3% to 20% of the purchase price3. By aligning your savings target with your financial capabilities, you avoid the frustration of overly ambitious goals. The 50/30/20 budget guideline, where 50% of income covers needs, 30% covers wants, and 20% is dedicated to savings and debt reduction, can be instrumental in this regard4.

Tracking Monthly Progress

Employing tools such as budget templates, spreadsheets, or budget apps can aid in tracking your monthly progress. Ensuring you allocate funds correctly and meticulously track expenses will help you adhere to your financial goal setting. Monitoring spending through these tools offers the chance to readjust when necessary and keeps you on your saving trajectory.

Setting Up a Separate Savings Account

When you’re serious about saving for a down payment, the first rule in financial organization is to set up a dedicated savings account. This strategy is a game-changer because it creates a clear barrier against impulse spending. According to the National Association of Realtors, the median down payment for all homebuyers is about 15 percent in 2024, making it critical to start financial management early1.

Let’s be candid: saving significant amounts can be arduous, but a separate savings account can make this easier. Most first-time homeowners save between 6% and 7% for their down payment, and additional closing costs often range from 3% to 6% of the home’s purchase price2. Having at least 20% of the purchase price saved is the ideal scenario to avoid extra costs like Private Mortgage Insurance (PMI)2.

Automating contributions to your savings account is another savvy move. Regular, automated transfers mean you don’t have to think about moving money every month. Plus, high-yield savings accounts offer up to 5% APY, which can speed up your savings process significantly1.

A creative savings strategy might involve setting up a high-yield savings account with automatic transfers. This way, you maximize the interest while ensuring consistency in your savings efforts. Different loan types have various minimum down payments, ranging from 3% for conventional loans to 3.5% for FHA loans, and even zero for VA and USDA loans1.

Finally, visualize your end goal. The median new home price in the U.S. exceeds $400,000, making the 10% to 20% down payment a substantial amount to aim for2. But with meticulous planning and financial management via a separate savings account, aspiring homeowners can break down this goal into manageable monthly savings targets.

Automating Your Savings

Automating your savings is a smart strategy to ensure your funds grow steadily for that all-important down payment. Whether you’re employed full-time or running your own business, there are efficient ways to set up automated savings contributions, catering to different income structures and financial goals.

Using Payroll Deductions

For salaried employees, payroll deductions are an excellent way to automate savings. By having a portion of your paycheck directly deposited into a savings account, you can set up a steady flow of funds earmarked for your down payment. Many employers offer options like splitting your direct deposit between checking and savings accounts, making it easier to manage your money and build your savings simultaneously5. This method ensures a consistent contribution towards your financial goals without the temptation to spend the funds impulsively.

Automated Transfers from Checking to Savings

Automated transfers work exceptionally well for freelancers or business owners who may not have a regular paycheck but still want to commit to consistent saving. Setting up automated transfers from your checking account to a dedicated savings account for your down payment can help solidify your money management strategy. Many banks offer features that allow you to set up these transfers automatically, typically at no extra cost6. These tools make it easier to enhance your automated savings efforts without having to manually transfer funds each time.

Moreover, leveraging digital savings tools like Acorns, Stash, and Digit (now Oportun) can also bolster your automated savings plan by rounding up spare change from daily purchases and investing it automatically6. Combining these tools with a strategic money management approach ensures that you’re consistently making progress towards your home ownership goal.

Exploring Additional Sources of Income

To accelerate your journey towards home ownership, it’s crucial to explore additional income streams. Diversifying your income not only boosts your savings but also cushions you financially.

Side Hustles

Side hustles are an excellent way to generate additional income. Whether it’s driving for Uber, delivering for DoorDash, or selling handmade crafts on Etsy, there are numerous avenues to explore. By dedicating a few hours each week, you can significantly supplement your savings and expedite your down payment goals.

Freelancing Opportunities

Freelancing offers immense potential to capitalize on your skills. Websites like Upwork and Fiverr provide platforms where you can offer various services, from graphic design to content writing. Engaging in freelance work not only helps cover everyday expenses but also adds a steady stream of income diversification to your financial strategy.

Turning Hobbies into Income

Ever thought about monetizing your hobbies? Platforms like Airbnb and TURO allow individuals to rent out spare rooms or cars for additional income, significantly adding to your savings7. Whether it’s photography, baking, or coding, transforming hobbies into moneymakers can be a fun and rewarding way to boost your down payment fund.

Reducing Major Monthly Expenses

Reducing major monthly expenses is a crucial step in increasing savings. Start with evaluating your insurance plans. Shop around or negotiate with your current provider to find a plan that offers similar benefits at a reduced rate. This can result in significant cost reduction. Additionally, scrutinize your communications bills for services like internet and cell phone plans. Switching to a more affordable provider or downgrading your plan can lead to considerable expenditure management.

Electricity costs typically account for about 12% of the average household budget8, so consider energy-saving measures like using ceiling fans in conjunction with air conditioning, which can make rooms feel cooler with less power usage9. Another practical measure is installing aerators and low-flow showerheads to lower water bills progressively9.

Examining existing contractual services, such as gym memberships and streaming subscriptions, is also vital. Evaluate their necessity and potential alternatives. You can possibly switch to a cheaper gym or use local parks for workouts. Renegotiating terms or finding promotions for these services can provide considerable savings increase over time.

On average, households with incomes below $50,000 annually spend more than 36.6% of their income on housing expenses, which can be reduced by refinancing a mortgage to lower interest rates, saving thousands of dollars over the loan’s lifetime89. Signing a lease during fall or winter can save renters up to 7% on their rent compared to signing in late spring or summer9. Moreover, negotiating monthly rent can lead to potential savings on rent payments9.

For grocery bills, shopping seasonally can save up to 15%9, and using cash-back grocery apps like Ibotta may save hundreds of dollars monthly9. Avoid impulse purchases by shopping online, potentially saving $20 or more per order9.

To foster a sustainable lifestyle and further cost reduction, try making cleaning products at home instead of purchasing commercial alternatives9. This practice aligns with broader expenditure management strategies, helping to achieve significant savings increase over time.

Monitoring Your Spending Habits

In the quest for bolstering your down payment fund, it’s crucial to scrutinize your financial habits. Understanding where your money goes can significantly impact your savings strategy.

Identifying Discretionary Spending

Discretionary expenditures, such as dining out, entertainment, and travel, can often sneak up on your budget without much warning. These wants can consume up to 30% of total spending as outlined in the 50/30/20 budget plan10. By identifying and curbing these expenses, you can redirect funds toward your down payment savings.

A substantial percentage of individuals find it challenging to resist social activities that involve spending, especially when these activities are part of a routine11. Keeping a close eye on such discretionary expenditures can make a pivotal difference.

Using Budgeting Apps

One powerful tool to aid in budget tracking is budgeting apps. These handy tools can help you meticulously monitor your finances and offer a clear picture of your spending habits. In fact, 17% of people rely on mobile budget apps for convenient expense monitoring11. Brands like Quicken offer desktop subscriptions with monthly costs ranging from $4.99 to $9.99 for advanced budgeting features10.

Understanding your spending habits and identifying the impact of small purchases on your finances can be motivating. A significant portion of individuals track expenses meticulously to get a better grip on their financial habits11, propelling them toward their savings goals. By leveraging these tech-savvy tools, you can achieve better financial management and grow your down payment fund effectively.

Cutting Down on Unnecessary Expenses

It’s easy to accumulate expenses that aren’t necessarily essential. By identifying these, you can significantly reduce expenses and redirect funds towards your down payment savings. Review your spending habits, and you’ll find opportunities for smart spending that can ease financial pressure.

Subscription Services

Subscription services like streaming platforms, magazines, and meal kits can quickly add up. Evaluate which ones you actually use regularly and consider cancelling the rest. A simple audit of these services can uncover a few hidden culprits e.g., an old gym membership or an online service you’ve long since forgotten about. Cutting down on these unnecessary subscriptions helps reinforce your financial health.

Entertainment and Dining Out

Dining out and entertainment can also be major expenses. Choosing to cook at home rather than eating out can save a family around $3,000 annually12. Additionally, brewing your own coffee at home instead of purchasing from coffee shops saves an average of $155 per month13. Not only do these changes reduce expenses, but also promote a healthier and more mindful lifestyle.

Instead of cinema trips or expensive outings, consider more budget-friendly or free activities such as hiking, visiting museums on free admission days, or having a movie night at home. Reducing expenses on such activities enables substantial savings over time. Redirecting these amounts to your down payment fund helps accelerate your home buying journey.

Exploring Down Payment Assistance Programs

Delving into down payment assistance can be a game changer for prospective homeowners. These financial aid programs provide invaluable homeownership support, simplifying the journey to acquire a home.

State and Local Programs

There are over 2,000 down payment assistance programs nationwide, many administered by state, county, and city governments, in addition to non-profit organizations14. Most down payment assistance initiatives target first-time homebuyers and those with low to moderate incomes14. These programs can be found through state housing finance agencies, city or county websites, HUD, and mortgage lenders15. Moreover, some down payment assistance programs also cover closing costs14.

Eligibility Criteria

To qualify for these financial aid programs, applicants typically need to meet several criteria. The most common requirements include being a first-time homebuyer, defined as someone who hasn’t owned a home in the past three years15, having an income below a specified threshold, usually tied to the area median income (AMI)15, and purchasing a primary residence within local purchase price limits14. Furthermore, qualifying for a 30-year fixed-rate first mortgage is almost always a prerequisite15.

Four main types of programs are available: grants1614, low-interest loans, deferred-payment loans, and forgivable loans1614. Notably, matched savings programs, such as Individual Development Accounts (IDAs), offer the benefit of having the buyer’s savings matched by a bank or organization, effectively doubling the amount available for down payments16.

down payment assistance

Homeownership support through these programs can significantly reduce financial burdens and expedite the path to owning a home. Whether you’re navigating state and local programs or meeting specific eligibility criteria, down payment assistance could be the key to unlocking your home-owning dreams.

Exploring Mortgage and Loan Options

When diving into mortgage planning, understanding the nuances of different home loan types is crucial. From conventional loans to VA home loans, each option comes with unique benefits and requirements.

Conventional Loans

Conventional loans are popular for their flexibility and widespread acceptance. You can secure a conventional loan with a down payment as low as 3%, making it a viable option for many first-time homebuyers7. To qualify, you’ll need a minimum credit score of 62017, and these loans can be utilized for primary residences, second homes, and even investment properties17. It’s important to note that private mortgage insurance (PMI) is required if your down payment is less than 20%18.

FHA Loans

FHA loans are backed by the Federal Housing Administration and are particularly attractive to buyers with lower credit scores or smaller down payments. The minimum down payment for an FHA loan is 3.5%7. However, this type of loan typically includes additional mortgage insurance premiums that can impact your monthly payments17. The loan limits for FHA are based on local housing prices and can range significantly, from $498,257 to $1,149,825 in 202418.

VA Loans

VA home loans, guaranteed by the U.S. Department of Veterans Affairs, offer unmatched benefits for eligible veterans, active-duty service members, and their families18. These loans require no down payment7, no mortgage insurance, and have no specific credit score requirement17. Additionally, VA loans have borrowing limits aligned with conventional mortgage loan limits, ensuring you have ample borrowing power while keeping costs low18.

Whether you are leaning towards a conventional, FHA, or VA loan, understanding the specific requirements and benefits of each can help you make informed decisions regarding your home loan types. Through careful mortgage planning, you can secure the best possible terms for your financial situation.

Exploring High-Yield Savings Accounts

When it comes to maximizing your down payment savings, high-yield savings accounts offer a significant advantage over traditional accounts. They are designed to offer higher interest rates, helping you to accelerate your financial growth.

Benefits Over Traditional Savings Accounts

High-yield accounts typically offer interest rates in the range of 4.5% to 5% or higher, compared to the average interest rate of 0.42% for regular savings accounts19. This noticeable difference in saving interest rates can lead to substantial financial growth over time.

Interest Rates and Compounding Benefits

Another compelling benefit of high-yield accounts is the power of compound interest. Imagine your savings growing exponentially due to higher interest rates and the accumulation of interest on interest. With current rates for high-yield accounts, you can see gains roughly ten times higher than with traditional savings accounts19. Certificates of deposit (CDs) and money market accounts (MMAs) also offer competitive rates, typically around 5% or slightly higher19. Choosing a high-yield account means your money works harder, resulting in more significant financial growth, ultimately bringing you closer to your homeownership dreams.

In essence, exploring high-yield savings accounts can be a pivotal step in your homeownership journey, offering you the benefits of elevated saving interest rates and harnessing the power of compound interest for enhanced financial growth.

Investigating Money Market Accounts

Money market accounts (MMAs) present a versatile banking option for those looking to save for a down payment. These accounts integrate facets of savings and checking accounts, allowing you to benefit from competitive interest yield while maintaining saving flexibility for unforeseen expenses.

Flexibility and Accessibility

One significant advantage of money market accounts is their accessibility. Unlike traditional savings accounts that might lock up your funds, MMAs typically provide check-writing privileges and ATM access, giving you the freedom to dip into your savings if necessary. This combination of flexibility and higher interest yield makes money market accounts an appealing choice for many.

Comparing Interest Rates

When it comes to interest yield, money market accounts frequently offer rates around 5%, which are often higher than those of regular savings accounts and even some high-yield savings accounts19. This implies that your money may grow more efficiently in an MMA, helping you accelerate your down payment savings.

money market accounts

However, it’s essential to be mindful of the minimum deposit requirements that often come with these accounts in order to achieve the highest Annual Percentage Yield (APY)19. By maintaining this balance, you can make the most out of your deposited funds.

Additionally, MMAs provide a constant interest rate, which can be advantageous for financial planning and ensuring your money grows steadily over time19. This makes MMAs an optimal blend of accessibility and profitability for future homeowners.

Using Special Savings Strategies

Maximizing your down payment savings requires a multifaceted approach. Implementing financial strategies, such as CD laddering and utilizing cash back rewards, can significantly boost your savings potential.

CD Laddering

Certificate of Deposit (CD) laddering is an effective financial strategy to enhance your CD investment returns. This involves investing in multiple CDs with varying maturity dates, allowing you to benefit from higher interest rates over different terms. By doing so, you ensure a steady and optimized return on your investments while maintaining liquidity at regular intervals.

Micro-Saving and Cash Back Rewards

Micro-saving is another potent tactic to incrementally grow your down payment fund. Small, automated transfers can accumulate substantial savings over time. Additionally, taking advantage of cash back rewards programs is a savvy way to optimize rewards and bolster your savings. By funneling these rewards directly into your savings account, you can effectively harness additional funds without altering your budget significantly.

Maintaining Motivation with Milestones

Initiating your savings plan adaptation journey can be exhilarating, but sustaining momentum is equally crucial. Celebrating small achievements along the way and adjusting strategies as needed can keep you on track.

Celebrating Small Wins

As you reach significant saving milestones, such as hitting the halfway mark of your down payment goal, it’s essential to celebrate these achievements. For instance, if you’re aiming for a $40,000 down payment, and you’ve saved $20,000, treat yourself in a modest but meaningful way. This practice infuses financial encouragement, making the overall aim feel more achievable.

“Success is a series of small wins. Each milestone reached is a testament to your consistency and dedication.”

Adjusting Strategies as Needed

Periodic reviews of your savings plan adaptation can help you stay agile and responsive to changing circumstances. If you’ve initially set a savings rate of $1,000 per month but find it’s progressing slower than expected, consider increasing it incrementally2. For example:

  • Savings Rate: $1,000/month – Timeline: 3.33 years (40 months)
  • Savings Rate: $1,500/month – Timeline: 2.22 years (26.67 months)
  • Savings Rate: $2,000/month – Timeline: 1.67 years (20 months)

Moreover, adapting to lifestyle changes such as taking on a side gig or aggressively paying down debt can enhance your financial encouragement, making it easier to meet your goals earlier. Setting up a separate savings account and automating contributions can further streamline the process and reduce the risk of impulse spending.
Check out this guide for insights on maintaining motivation and making the most of your down payment savings journey.

Here’s a quick look at how adjusting your monthly savings can impact your timeline:

Savings Rate (Monthly) Time to Reach $40,000
$1,000 3.33 years (40 months)
$1,500 2.22 years (26.67 months)
$2,000 1.67 years (20 months)
$2,500 1.33 years (16 months)
$3,000 1.11 years (13.33 months)
$3,500 0.95 years (11.43 months)

Allow these adjustments and celebrations to become part of your saving milestones management, ensuring a balanced journey towards homeownership.

Conclusion

Achieving homeownership is an exciting milestone that demands meticulous financial preparation and unwavering perseverance. From establishing a realistic budget to adopting strategic savings practices, every step counts towards your saving success. Remember, setting up a separate savings account and automating your deposits can streamline your efforts significantly. Additionally, monitoring your spending habits and cutting down on unnecessary expenses can bolster your savings fund.

Exploring diverse income streams, such as side hustles, and tapping into down payment assistance programs, can accelerate your savings journey. While a median new home price in the U.S. exceeded $400,000 in late 2023, the median homeowner has a staggering 38 times the wealth of renters, underscoring the financial advantages of owning a home2.

Patience and flexibility in financial planning are key as you navigate this journey. Whether leveraging the 28/36 rule for budgeting or saving up for a down payment of 3% to 20%, consistent efforts and smart planning can make a significant difference in achieving your homeownership dreams220. Here’s to your future success in reaching that rewarding goal of homeownership!

FAQ

Why is a down payment important for home ownership?

A down payment is crucial as it reduces the mortgage’s principal balance, which in turn lowers your monthly payments. According to the American Bankers Association, a substantial down payment (typically 5-20% of the home’s value) can also make you a more attractive borrower to lenders.

How much should I save for a down payment?

The amount varies, but traditionally it’s advised to save 5-20% of the home’s value. Different loan options have varied requirements: conventional loans may need as little as 3%, FHA loans require 3.5%, and VA/USDA loans might need no down payment at all.

How can I create a budget and timeline for saving a down payment?

Start by assessing your current savings rate and financial capabilities. Create a meticulous budget and set realistic savings goals. Use tools to track your monthly progress and break down the total amount into smaller, manageable pieces.

Should I use a separate savings account for my down payment?

Yes, setting up a dedicated savings account specifically for your down payment helps establish a barrier against impulse spending. Opt for a high-yield savings account to maximize your interest earnings.

How can I automate my savings?

Automate savings by setting up payroll deductions if you’re salaried, or regular automated transfers from checking to savings if you’re a freelancer. This ensures consistent down payment growth.

What are additional sources of income I can explore?

Consider side hustles and freelancing opportunities to boost your down payment fund. Monetize hobbies or take on additional gigs to accelerate your savings timeline.

How can I reduce major monthly expenses?

Scrutinize expenses like insurance and communication bills. Renegotiate terms or switch providers to cut costs. Direct the savings towards your down payment fund.

What role does monitoring spending habits play in saving?

Monitoring your spending helps identify discretionary expenses you can cut back on. Use budgeting apps to gain insights into your spending habits and make necessary adjustments.

How can cutting down on unnecessary expenses help?

Reevaluate subscription services, entertainment, and dining out expenses. Redirect funds from non-essential services to your down payment savings to bolster your financial goal.

Are there down payment assistance programs available?

Yes, numerous state, local, and non-profit programs offer down payment assistance. Check eligibility criteria such as income-level and location-specific requirements for application.

What are my mortgage and loan options?

Explore options like conventional loans requiring as little as 3% down, FHA loans at 3.5%, and VA/USDA loans with no down payment. Each has different implications on your mortgage process.

How can high-yield savings accounts benefit my down payment savings?

High-yield savings accounts offer better interest rates compared to traditional savings accounts, providing greater returns through compounded interest and accelerating your savings growth.

What are the advantages of money market accounts?

Money market accounts offer greater flexibility and accessibility while providing competitive interest rates, making them suitable for down payment savers.

What are some special savings strategies I can use?

Strategies like CD laddering, micro-saving, and using cash back rewards can significantly aid in building your down payment fund. These allow incremental growth through interest earnings and rewards.

How can I maintain motivation throughout my savings journey?

Set and celebrate small progress milestones to keep spirits high. Periodically review and adjust your saving strategies in response to personal financial shifts or external economic changes.

Source Links

  1. https://www.bankrate.com/mortgages/how-to-save-for-a-down-payment/
  2. https://www.investopedia.com/articles/investing/092815/where-should-i-keep-my-down-payment-savings.asp
  3. https://myhome.freddiemac.com/blog/homeownership/20200123-budgeting-for-homeownership
  4. https://www.nerdwallet.com/article/finance/home-budget
  5. https://www.bankrate.com/banking/how-to-automate-your-savings/
  6. https://www.forbes.com/advisor/banking/savings/how-to-automate-your-savings/
  7. https://www.rocketmortgage.com/learn/how-to-save-for-a-house
  8. https://www.debt.org/advice/how-to-cut-expenses/
  9. https://www.rd.com/list/lower-bills/
  10. https://www.nerdwallet.com/article/finance/tracking-monthly-expenses
  11. https://www.usbank.com/financialiq/manage-your-household/life-events/graduating-from-college/how-to-adult-ways-to-track-your-spending.html
  12. https://www.incharge.org/financial-literacy/budgeting-saving/how-to-cut-your-expenses/
  13. https://www.ramseysolutions.com/saving/how-to-cut-costs
  14. https://themortgagereports.com/33553/complete-guide-to-down-payment-assistance-in-the-usa
  15. https://www.bankrate.com/mortgages/down-payment-assistance/
  16. https://www.rocketmortgage.com/learn/down-payment-assistance
  17. https://www.bankrate.com/mortgages/types-of-mortgages/
  18. https://www.investopedia.com/articles/mortgages-real-estate/08/homebuyer-financing-option.asp
  19. https://www.cbsnews.com/news/smart-places-to-keep-your-home-down-payment/
  20. https://www.hvcu.org/learning-center/how-much-money-do-i-need-to-save-for-a-home/

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