Last updated: October 2026 · Editorial standards Saving for a down payment is the biggest obstacle for most first-time homebuyers. Here’s a practical, step-by-step approach to accelerate your timeline. Step 1: Know Your Target Number Before you can save effectively, you need a specific target. Calculate your target: Determine your target purchase price based on…
Last updated: October 2026 · Editorial standards VA and USDA loans are the best-known zero-down mortgage programs — but they’re not the only options for buyers who can’t afford a traditional down payment. Here’s the complete picture. VA Loans: Best Zero-Down Option for Those Who Qualify The VA loan program for eligible veterans, active-duty service…
Last updated: October 2026 · Editorial standards Tapping your 401(k) for a home purchase is possible — but it comes with real costs and long-term consequences. Here’s when it makes sense and how to do it correctly. The Two Ways to Access Your 401(k) 1. 401(k) Loan You borrow from yourself and repay over time….
Last updated: October 2026 · Editorial standards Receiving money from a family member to help buy a home is common — but mortgage lenders have strict rules about how gift funds are documented and used. Get this wrong and your closing could be delayed or denied. Can You Use Gift Money for a Down Payment?…
Last updated: October 2026 · Editorial standards Down payment assistance (DPA) programs help buyers cover the upfront cash required to purchase a home. Thousands of these programs exist nationwide — and most buyers don’t know they qualify. What Is Down Payment Assistance? Down payment assistance provides funds to help cover: Down payment: The percentage of…
Last updated: October 2026 · Editorial standards Down payment assistance (DPA) programs provide grants or low-cost second mortgages to help buyers cover their down payment and closing costs. These programs exist in every state, are legal, and are specifically designed to be used in conjunction with standard mortgage financing. Yet they’re dramatically underutilized — surveys…
Last updated: October 2026 · Editorial standards Down payment savings feel abstract until you give them a number and a timeline. Once you know exactly how much you need and by when, the problem becomes a math exercise: how do you accumulate X dollars in Y months? This article gives you the calculation, the account…
Last updated: October 2026 · Editorial standards Most first-time buyers focus on the down payment — and then get surprised by how much more they need. The total cash required to close on a home typically runs 5–8% of the purchase price for a low-down-payment loan, and 22–27% for a conventional 20% down purchase. Here’s…
The «put 20% down» rule is repeated so often it sounds like law. It isn’t. For many buyers — especially first-time buyers — putting 20% down is neither necessary nor optimal. The right down payment depends on your cash reserves, the local market, your opportunity cost, and how long you’ll stay in the home. Here’s…