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According to the National Association of Realtors, 65 percent of homebuyers use their savings accounts to fund a down payment. Though having a down payment is important, depleting your savings is not always the best move. There are several ways to acquire a down payment without depleting your savings, including selling stocks or bonds, gifts from friends or relatives, retirement funds or using the proceeds from another home sale.
If you don’t have the luxury of generous friends or family, or own any stocks and bonds, consider some of the following options to help you budget and save for your future home.
There are a few additional expenses that you will need to save for when buying a home, including your funds to close, ask your loan officer about those.
Before you go ahead and pick out your next home, you should speak with a loan specialist to identify how much you need to save up. And there are more variables than you can count on one hand that will determine the funds you need to close. If you don’t have a loan officer, give us a call, we are happy to give you a no obligation consultation on the process and when you’re ready work on getting you pre-qualified.