It’s easier to save for a house before having children. Plan your finances accordingly.
I worked two jobs for seven years and saved $22k. It’s not enough for 20% down, but it’s a start.
Used an FHA loan for a small down payment, financed by my veteran roommate.
Focused on health and saved slowly. Also, here’s a motivational video: https://youtu.be/Hx5x2wTXvm0?si=zB-n1u71oRS6P4uD
Investing in stocks helped us save for a 20% down payment.
Took a loan from my 401k as a first-time homebuyer, which was a beneficial move.
Received help from in-laws for the down payment.
Creating and sticking to a budget was crucial. Homeownership itself comes with many unforeseen expenses.
Invested regularly in a market-tracking investment account. Treated the money as untouchable to let it grow over a decade.
Benefited from a tech boom payout, lived with in-laws for a while, and received a significant family loan to pass a cooperative board’s requirements.
Used a VA loan that didn’t require a down payment, though dealing with the bank afterward was challenging.
Saved diligently from my salary over 10 years without specifically aiming for a house. When the time came, the money was there.
Saved 20% of my salary for 20 years. Sacrificed a lot, including lunches and social events, to keep my eyes on the prize.
Invested wisely in the stock market to grow my savings enough for a 20% down payment.
Sold properties I owned during market highs and used the profits to buy again when the market cooled.
Look into down payment assistance programs available through mortgage brokers.
Currently investing in the stock market to grow my initial savings into a sizable down payment.
There are FHA lenders who offer gifted down payments, allowing for a purchase with little to no money out of pocket.
Took a loan from my 401k which was tax-free and fee-free, allowing me to use my own money without additional cost.
Teo said:
Took a loan from my 401k which was tax-free and fee-free, allowing me to use my own money without additional cost.
What’s the impact on your monthly budget when you repay the 401k loan?