SAVE SAVE SAVE!

Scrutinize your budget to uncover ways you can cut expenses and save for a down payment.

Borrow your down payment from a retirement plan

Check the provisions of your specific program. It is possible to take out money from a 401(k) for you down payment or withdraw from an Individual Retirement Account. You will need to ensure you understand about any penalties, the way this will affect on your taxes, and repayment obligation.  

Ask for a gift from your family 

Gift funds are monetary gifts given to homebuyers to help cover the costs associated with purchasing a home, such as the down payment or closing costs. These funds can come from family members, friends, or other approved sources, and they are often used to supplement the buyer's own savings. Documentation will be required to verify the source of the gift and to ensure that the money is indeed a gift and not a loan that needs to be repaid. Properly documented gift funds can make homeownership more accessible by reducing the financial burden on the buyer. 

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