Saving for a down payment can be one of the biggest reasons why some people are renters and not owners. For some saving is difficult, with monthly bills, the cost of food, and the kids extra curricular activities it can be a miracle that there is enough funds for the gas tank. If this sounds like the situation you are in don’t give up. Cook Inlet House down payment assistance could be a option for you (follow the link to see if you are eligible).
If taking on a second mortgage doesn’t sound like your cup of tea. Then its time to plan and save. Maybe it takes you a year to save the 3.5% the FHA loan program requires maybe it takes you two years, stay focused and stay disciplined. The saving you’ll earn by owning your home in the future will be worth the penny pinching of today.
To get you started We (APP) have drafted up a few budgeting tools to help with anxiety of money handling.
Working out the Renting vs. Buying analysis will help you determine whether owning a home or renting is more affordable for you personal needs.
In the Budgeting Tools spread sheet you’ll see a spending formula to live by. As well as a monthly income and expense tracker.
And lastly we want you know that saving for a down payment is not as impossible as it my feel. If saving five or ten grand sounds unmanageable. Try this, grab a big mason jar and print out the saving for a down payment spread sheet cut out the 1-52 weeks and paste it to the jar. Pick a day every week to add your funds. crossing off week by week as you go fills your heart with pride.be sure to stash the jar in your favorite hiding spot and don’t tell anyone.
We, hope this helps and give you peace of mind.