We offer new home down payment tips here.  Saving up for the down payment on your new home can be difficult. First time home buyers often ask, “How can I possibly save up for my down payment when I hardly make any money at all?” Well, we all spend money on items everyday. Some of us do not realize how much each item adds up over time. Nor, do we even realize how much each item even costs. Here’s some examples for you.

Adding Up The Savings:

First off, imagine how much money one could possible save each year if you make your own coffee each morning rather than going through the drive up at Star Bucks? The average drink at Star Bucks is about $4.00 per cup. I know alot of people go there every single day.  So that’s $4 times five days per week times 52 weeks in a year.  This grand totals to $1,040 per year.

Incidentally,  a $100,0000 home on an FHA loan only requires a down payment in the amount of $3500. Your Star Buck savings per year is 30% of your down payment on a $100,000 loan. Just think how much more money one could save if you analzye all of your spending habits.

Next, for you women out there who like to get your nails done bi-weekly at an average cost of $30 per visit, that’s an average savings of $805. On a $100,000 home that’s 23% of your down payment.

Lastly, for you men out there who like to go to the bar, let’s assume you spend $100 on food and drinks for the weekend. That’s a total yearly cost of $1200 or 34% of your down payment on a $100,000.

See how quickly this all adds up? Watch my video for some more help hints on how to save up for your down payment.

For more information on all of our new home mortgage loan products, please call our office directly and talk to a licensed loan officer at 602-358-8717.