As a nation, Americans do a lousy job of saving money. Since the early 1980s, charts signifying our saving efforts spiral down. The amount we save from our personal disposal income is minus .5 percent, according to the latest report released by the Bureau of Economic Analysis.
It's no surprise that first-time home buyers are struggling to come up with a down payment.
When I bought my first house, I went to the Bank of Mom. Her words ring in my ears today. She said, "Why should I help you when nobody helped me?" True story. That was my mom, born during the Great Depression. Being a practical kid, I answered, "Because if you don't, I will be on your door step with my suitcases and a cat under each arm." Hey, I was desperate. And it's not that I am recommending that approach because what worked with my mom won't necessarily work for you. However, I do have 11 other ways that you can find a down payment to buy your first home.
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©Elizabeth Weintraub
find down payment home financing
At the time of writing, Elizabeth Weintraub, DRE # 00697006, is a Broker-Associate at Lyon Real Estate in Sacramento, California.
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