5 Creative Ways to Save for a Down Payment

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1. Get Others to Help Fund Your Dream Home
This tip sounds a little strange but hear us out.  Many couples get married with an apartment full of appliances and furniture and all they REALLY want is a house to put all it all in.  Insert unique registries that allow wedding guests to give money towards the down payment of your home!  Sites like Feather the Nest are great ways to use monetary gifts towards your first home.

2. Negotiate with Seller Concessions
Seller concessions are a route to get a closing to happen quickly.  Sellers can front more money for closing costs which will result in money to put toward a down payment.   A request such as this can be guided through an experienced real estate agent such as myself to help with the negotiation process.  Of course, there are limits on concession based on the mortgage type but it’s certainly an avenue that will help place more money in the buyer’s hands as a deposit.

3. Look into Government Options
The U.S. Department of Housing and Urban Development, or HUD, offers host  of homeownership programs, including assistance with down payment and closing costs. These programs are typically targeted toward potential homebuyers who meet specific income or location requirements. HUD provides a list of links by state that direct you to the appropriate page for information about your state.  Your profession could also be a benefit when exploring options for financing such as law enforcement, firefighter, teacher, or EMT under the

Good Neighbor Next Door Sales Program for a 50% discount on a house’s HUD-appraised value in “revitalization areas.”  Veterans can looks in the option of a VA loan that will back part of a home loan through commercial lenders. Many times, no down payment or private mortgate insurance is needed but the program is designed to help our veterans secure a competitive interest rate.

4. Lean Into Employee Benefits
Employer Assisted Housing (EAH) programs assist low- to moderate-income workers with down payment assistance through their employer. In some states, a participating EAH employer will assist you with applying for a loan of up to $8,000 for down payment and closing cost assistance. The loan is interest-free and borrowers have 10 years to pay it off.

5. Take Advantage of Special Lender Programs
Small down payment?  No problem.  There are several lenders that specialize in home seekers but have small deposits to offer.  Many people believe that 20% is the minimum down payment.  Not sure.  Check into programs that require a total of 3% or 3.5% down.  However, it is important to consider upfront and monthly mortgage insurance payments, too.

Check into regional banks to see if they offer specific programs tailored to your down payments.
Research is always key to home buying whether it is your first home or your 10th!  You may find that chasing after the American dream isn’t as daunting as it sounds.


Let me know how I can help you in this process!  I am connected with many great lenders that can help you financing the home of your dreams and get you to where you want to be.  Call or text me at 480-466-8193.