“Saving up a down payment to buy your first house can seem a pretty daunting task. However, getting a down payment together is not as difficult as you may think — if you go about it the right way.”
There are a few steps you need to consider, from CNN:
- How much house can you afford? You typically need to keep it below 28% of your pre-tax monthly income.
- “Figure out how much you can set aside each month. That will also help you determine how long it will be before you’ll have the full down payment and can start house-shopping.”
- Invest it to speed up the process.
- Borrow from your 401(k).
Read the full article from CNN here: “How to save enough money for a down payment on a home.”