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How Do I Budget For a New Home?
Budgeting for a new home may require you to access a down payment assistance program. There are several options that require repayment while others offer grants that you do not have to pay back. Keep in mind that everyone does not fit into the down payment assistance program. Working with a lender to understand your options is your best bet to figure out whether or not it is a good fit for you.
If a down payment assistance program is not a good fit, you will need to save up for a down payment. For example, if you are interested in a home that is in the $450,000 range, you will need a minimum of $13,500 to help cover down payment and closing costs.
However, there are a few options you have to use for a down payment:
1) Tax Refund. If you are receiving a refund on your taxes, this might be a great option to help you get into a new home.
2) Friends or Family. You may have a parent, sibling or kind friend who is wanting to help you with purchasing your new home. They can gift funds to you to help offset your costs.
3) Draw from your retirement fund. There are some options for borrowing from a 401(k) or other type of fund to purchase a home with minimal fees and penalties. Check with your retirement advisor for what might suit your needs.
4) Save your pennies, nickles, dimes, quarters, dollars, etc... establish a budget and start saving today. If you do not closely follow a budget, saving may be a daunting task. Every little bit helps add up to helping you get that dream home. You may not be able to move today but planning for the future and getting started will help you get there!
If you are looking for a Mama Bear to look out for your best interests, let me know. I would love to help you find your dream home!
Having lived in Denver since 1982, I have extensive knowledge of and experience in the area. I specialize in assisting buyers and sellers of homes throughout South Metro Denver, especially those locat....