Conventional home financing options often require a 20 percent down payment. Of course, you can always try for non-conventional loans with lower down payment requirements like VA and USDA loans. You could also look into an FHA loan with a down payment range of 3-10 percent. Non-conventional mortgages often have hoops you need to jump through though.
So, if you want to try to get a 20 percent down payment to avoid any extra hassles, you may have to save up. One of the easiest ways to do this is to start a savings account specifically for this purpose. Don’t allow yourself to remove money from this account or use it for anything else. Also, when you open this account, speak with the bank’s customer service to see what type of account will yield the highest interest during the time frame in which you are saving.
Consider adding the following funds as they come in directly to your savings account:
- Year end bonuses
- Vacation pay
- Other work bonuses
- Funds from sales on online garage sale sites
- Money gifts
Since these funds aren’t from routine income sources, you’re less likely to miss them by depositing them into a down payment account.
THINKING OF SELLING YOUR TAMPA BAY AREA HOME?
If you’re interested in selling a Tampa Bay area home, please contact us for more information about listing your home. Check out our helpful article describing the process and how to decide if it’s the right time to sell.
ARE YOU BUYING A HOME FOR SALE IN TAMPA BAY?
If you’re thinking about buying a home in Tampa Bay, do a quick online search or check out our:
- Tampa Bay homes for sale under $100,000
- Tampa Bay homes for sale between $100,000 and $200,000
- Tampa Bay homes for sale between $200,000 and $300,000
- Tampa Bay homes for sale between $300,000 and $400,000
- Tampa Bay homes for sale between $400,000 and $500,000
- Tampa Bay homes for sale between $500,000 and $600,000
- Tampa Bay homes for sale between $600,000 and $700,000
- Tampa Bay homes for sale between $700,000 and $800,000
- Tampa Bay homes for sale between $800,000 and $900,000
Our experienced agents know the area and would love to find you the perfect home in the Tampa Bay or any of the surrounding areas. When you’re ready, call us at 813-961-6000, or contact us online. We handle real estate in Hillsborough County (the Tampa – St. Petersburg – Clearwater metropolitan area), real estate in Pasco County (Port Richey, New Port Richey, Dade City, Zephyrhills and San Antonio), and real estate in Pinellas County (Tampa – St. Petersburg metropolitan area.) We’ll help you find the right home for your needs!