You read that right! First-time buyers across the country are getting creative. When it comes to saving the necessary down payment to buy a home.
Homebuying Ideas for Newlyweds. Many couples are asking their wedding guests to contribute to their “Down Payment Fund. ” It’s a great idea rather than fulfilling a traditional registry. This is fueled by the fact that many couples live together prior to marriage today. Many already have the necessary items to make a house a home…they just need the house!
The average wedding in the United States has 120 guests who give wedding gifts valued, on average, at $186. This means couples could walk away from their nuptials with over $22,000 towards their down payment!
Homebuying Ideas for Newlyweds. Services like HomeFundMe allow friends, family members, to contribute funds toward the buyer’s down payment. Contributors can determine, if their gifts are ‘conditional’ or ‘non-conditional’ on the beneficiary buying a home.
According to a recent Wall Street Journal article, “about 400 borrowers have used HomeFundMe. They’ve helped buy homes since the program launched in October. On average, they raise about $2,500.” The article went on to explain that most borrowers use these funds in combination with their personal savings! This helps shorten the time needed to achieve their goal of homeownership.
There are more and more programs surfacing from lenders that allow buyers to put down as little as 3% to buy their dream home. Fannie Mae and Freddie Mac loan programs require 3% down payments, while FHA programs require as little as 3.5%, and VA Loans are often approved with 0% down!
Gone are the days of 20% down or no loan! If your dreams include buying a home of your own in the next year, you can get creative with your down payment savings to make it happen! Connect with me. I’ll help you find the right home and the right price and suggest a top notch mortgage loan company to help you as well. Also if you are interested in reading some of my many other articles for First TIme Homebuyers, here is a link to a few others. First Time Home-buyers Downpayments. Here’s another valuable another must read.