1. Figure out how much you can afford. A home buying calculator can help you achieve this number. Everyone has different factors at play when finding out what is a reasonable amount. Meet with a lender to help you plan out the best way to figure this amount out.
2. Set a savings Plan. There are many routes that you can take to save enough money to afford your down payment. For example, if you plan to put down $50,000 as a down payment, setting a time frame of five years would mean saving an extra $850 a month for five years to achieve said down payment.
3. Speed up the Process. There are many ways to speed up the profits, in order to achieve your goal. One way is to start a side hustle, invest money into the stock markets and take an extra job on the weekends for the sole purpose of arriving at your down payment.
4. IF you cant wait. There are other options, if %20 is not viable for you. If you have a credit score of at least 580 you may be able to pick up a mortgage with as little as 3-1/2% with a hard money , . loan.
“The best time to plant a tree was 20 years ago, the second best time is now”
