Tips to Start Saving for Your Dream House

Do you dream about owning and living in your own house sooner than later? Well, you’re not alone, considering millions of Americans become homeowners every year. However, the size of the asset makes it the largest purchase you’re likely to make during a lifetime.  

Are you determined to buy a house for yourself in Florida? Here’s how to start saving for the costly endeavor:

Discover Your Options for Low Down Payment Programs

Your saving plan for the year should look manageable — start by researching your options for mortgage programs that allow low down payments. Several conventional lenders offer mortgages with small down payments for low or moderate-income earners. A mortgage calculator weighs out the pros and cons of investment if you’re making a down payment smaller than 20 percent. For example, government-sponsored entities tend to offer mortgages for a 3% down payment, while the Federal Housing Administration offers the same at 3.5%. 

Do You Meet Any Special Requirements?

If you qualify under the special requirements label, you can avail generous housing discounts. For example, the U.S. Department of Agriculture offers a special housing discount for a 0% down payment for homeowners in rural areas. Alternatively, the Department of Veterans Affairs offers housing loans to veterans and military service members that don’t require mortgage insurance or a down payment!

Save From Your Windfalls

After you’ve paid off all high-interest debt on your credit card, you want to commit to directing a portion of your windfalls (be it a tax refund or bonus) to the housing and down payment fund. By using the 50/30/20 method, you should be able to budget better — 50 percent for debt, 30 for saving, and 20 for leisure activities.  

Hire a Transaction Coordinator for Real Estate Investment

A real estate transaction coordinator in Florida can help you build detailed transaction files if a lawsuit or disagreement occurs between the seller, buyer, and lender. Streamline Closings is a virtual transaction coordinator company that serves as your advocate and liaison throughout sales. We are licensed and certified transaction coordinators who can help you handle real estate transaction management. We’ve been in business for the past 20 years and successfully closed over 2000 transactions.

Learn about pricing packages offered at Streamline Closings.