A new house is within reach if you find a lender who doesn't require a down payment or you to secure a mortgage. But, that's probably not the type of lender you want. A quality lender will check your credit history, background, work history and ask how much you're ready to put toward your down payment.
How you could put 20 percent or more down on a new house
It's recommended that your down payment be at least 20 percent of the total cost of your new house. Add in the fact that the average price on a house in the United States exceeds $300,000 and you're left to find a way to raise $60,000 or more.For many Americans, that's equal to an annual salary or more.
As impossible as it may seem, you can raise enough money to put down on a new house.It may call for a short term sacrifice as it regards your living arrangements. You might have to live with your parents for a year or longer.
Another sacrifice that you may have to make regards entertainment and clothes. Instead of buying live concert tickets, stream concerts live on your computer. Hand wash delicate clothes, so that you can wear the fashions until you've raised the down payment.
Get serious about saving for a down payment
Make saving a down payment for a new house a priority. More actions that you could take to save your down payment are to:
Find out how much it cost to pay rent for a studio or one bedroom apartment where you live. Put this money into your savings account. Also, give some of the money to your parents as a show of appreciation.
After you save 15 percent of the down payment, meet with lenders. Ask them what type of interest rates they are willing to give you on a new house. Stick to your savings plan until you reach at least 20 percent on the average price of a home in your area.