Navigating Down Payment Dilemmas

The homeownership journey can be exciting, except for the down payment hurdle. We’ve got some strategies below to help you overcome some of those down payment issues, and don’t forget to check out some of our new programs that might help you on your home buying journey.

Steps to Get Your Down Payment

  1. Budgeting Brilliance: Start by assessing your financial situation. Create a comprehensive budget that outlines your income, expenses, and savings goals. Identifying areas where you can cut back and allocate more funds toward your down payment is a crucial first step.
  2. Automated Savings Plans: Set up automatic transfers to a dedicated savings account. This systematic approach ensures that a portion of your income goes directly toward your down payment fund before you have a chance to spend it elsewhere.
  3. Explore Down Payment Assistance Programs: United Faith Mortgage has new programs in place to help first time homeowners.
  4. Consider Low-Down-Payment Mortgage Options: Investigate mortgage programs that allow for lower down payments, such as VA or USDA loans. These options can be especially beneficial for first-time homebuyers or those with limited funds for a substantial down payment.
  5. Tap into Gifted Funds: Some mortgage programs allow for down payment funds to be gifted by family members. The guidelines of your chosen mortgage product will tell you if this is a viable option.
  6. Utilize Windfalls Wisely: If you receive a financial windfall, such as a tax refund, work bonus, or inheritance, consider directing a significant portion toward your down payment fund.

If you’re interested in getting help in your home-buying journey and would like to have a no-pressure conversation, our team would love to help.

At United Faith Mortgage, we’re a family-run company that has a very important Direct Lender Advantage. That basically means we use our own money and make our own decisions within our own walls. There’s no middle man. For you, this often means a shorter turnaround time and a better rate… which can save you monthly and lifelong money, whether you’re refinancing or buying a new home.