how do i save for a down payment

Where do I begin? Most financial planners say you need to "Pay Yourself".. Every pay period.. So make a habit of regular deposits into a savings account, just as if you were paying a monthly bill.. If you are not disciplined, then you can always raise your withholding on your pay check.. Come next year, you'll have a much bigger refund than you expected.. If you have VA benefits, you can purchase a home with Zero down.. FHA only requires 3.5%, and it can be gifted.. if you really want to own a home, you will find a way to get the money.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com

Discipline.

I have a Blog post on this site regarding your question of saving for a down payment.

Well you could talk to a financial planner. You can also work more at your current job and bank the money or find a second job. You can save money in many different ways. If you qualify you can put as little as 3% down. There are also down payment assistance programs that you may qualify for and need no money down. Give us a call to discuss as there are very important guidelines you need to adhere to.Call us or email us at 201-962-3555 or Team@BestMortgageOption.com for ano cost no obligation analysis of your situation.Ask for Michelle or Benny We will find the Best Mortgage Option to suit your needs!You can check us out at www.BestMortgageOption.com

Move 5 -10 % of every pay check into a bank account, dont touch that money till you have enought to start house shopping. Currently the min down payment is 3.5% of the purchase price, plus closing cost which in your area of NY can be pretty expensive. www HOMEMORTGAGEXPERT.COM THANKS Peter Savino 855 411 LEND

Look at your last months bank statement. Highlight all the extra (non-scheduled) debits. Such as coffee, lunch, etc. Add these charges up. If you pack lunches, take your coffee from etc, you can save as much as $1000 a month depending on how much you spend. Discipline is primary. Plan your week ahead. Cooking dinners is more economic than eating out. This is probably the first place you want to start. Secondly, look at your current bills for example Cable/Satellite.. Do you need the packages you currently have or can you lower your bill? Look at your cell phone and house phone bill etc.. Do the same. Cut back on your energy bill by reducing phantom power. Chargers plugged in not currently charging a device consume energy when plugged in. Connect all your electronics to a power surge protector cord that you can switch off when not in use. Microwaves and DVD players showing a time are consuming phantom energy. Also have you looked at your credit? Many credit unions offer 100% financing. Start banking with a local credit union today... I hope this helps you start saving as much as you can. Best of Luck..

Cutting back on expenses, and working an extra job or working more hours may help. Also remember that a lot of mortgage programs allow "Gift funds" so if you have friends or family that want to help you into a new home they can assist with the down payment as well.

You have some very good answers offered by the previous folks - however remember that if you are a qualifying veteran or if you qualify for a USDA loan, both programs offer 100% financing. These are government insured loans, ask a local loan officer or one of the folks who responded that is licensed in your area to research a USDA program for you. If you meet the income limitations and the property you wish to purchase is in a specified area - you may just be able to get into that house at record low rates with very little out of pocket.

And also like the others have stated there are Down Payment Assistance programs in most states to help you get into a home. Contact a Lender411 Loan officer that specializes in purchases to help you.

Find out what your new loan payment, with taxes and insurance will be. Place the amount that exceeds your present rent or housing cost in a separate savings account each month. Not only will you have a forced savings account, you will learn to live on the rest of your income, as if you already had the new mortgage.

Key to saving up for a down payment is being able to budget yourself. It is important to cut back on unnecessary expenses such as coffee, eating out, etc. Cutting back on simple everyday things can really help. Shop ahead for the week and prepare your meals at home, instead of eating out. Also make a plan where you will a certain percentage of your paycheck into savings each month. Think of it as a bill you have to pay. You might also have the option to set it up where your bank automatically transfers a specific amount into your savings account once a month.