The Road to Homeownership #3: Saving for the Down Payment: Financial Freedom, #184

By Joshua King

After you complete the math and prepare for your emotional journey, buying a home is time. 

 

However, one major obstacle is standing in your way—the down payment. Saving for a large down payment will not be easy.

 

Luckily, we live in the Internet age, which grants us access to many ways to earn additional income.

 

If there ever was a time to save and invest, it's now. Your competition (investors, institutions) is ready for the challenge, are you? Good Luck!

 

• Language: English
• Publisher: Joshua King
• Release date: Aug 23, 2023
• ISBN: 9798223128946

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Table of Contents

MILITARY FAMILY INVESTING | Joshua King | Home of the Free PDF

The Road to Homeownership #3

All Right Reserved Military Family Investing | 01  The Road to Homeownership #3: Saving for the Down Payment

02  Saving for a House Down Payment #3: Couple, Small City

03  Saving for a House Down Payment #4: Couple, Big City

04  Renting Rooms vs. Friendships

05  The Benefits of Starting an Online Business

06  Retirement & Dividends

07  Debt-Free Society: Beat Credit Card Debt

08  Debt is a Function of the Past

09  Are you a Spender or a Saver?

10  Income Investing vs. Car Payments

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MILITARY FAMILY INVESTING

Joshua King

Home of the Free PDF

www.militaryfamilyinvesting.com

The Road to Homeownership #3

Saving for the Down Payment

01  The Road to Homeownership #3: Saving for the Down Payment

02  Saving for a House Down Payment #3: Couple, Small City

03  Saving for a House Down Payment #4: Couple, Big City

04  Renting Rooms vs. Friendships

05  The Benefits of Starting an Online Business

06  Retirement & Dividends

07  Debt-Free Society: Beat Credit Card Debt

08  Debt is a Function of the Past

09  Are you a Spender or a Saver?

10  Income Investing vs. Car Payments

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Disclosure: I am not a financial advisor or money manager, and any knowledge is given as guidance and not direct actionable investment advice. I am an Amazon Affiliate. Please research any investment vehicles that are being considered. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it.  I have no business relationship with any company whose stock is mentioned in this article.

All Right Reserved Military Family Investing

01  The Road to Homeownership #3: Saving for the Down Payment

So you crunched the numbers and controlled your emotions; it’s now time to get your new house. But, there is still one major roadblock—the down payment.

Welcome back to the Road to Homeownership series (Part #1, Part #2), where we move into the house of our dreams.

What is a down payment? The bank will only partially cover your home's cost (not 100%). This would leave them no buffer in case you default on your loan.

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Instead, the bank prefers to pay about 80% of the home value, which grants them a 20% buffer from the start.

There are ways to reduce your down payment if you are a first-time home buyer or meet other income criteria.

But, for the most part, prepare to pay 20% of the house's value upfront. This amount may seem like a lot, especially considering rising housing costs, but you can achieve it.

Let’s get down to business. You aren’t going to save a house down payment by beating around the bush.

You’ll need to do whatever it takes (legally) to start earning additional income to fund your house down payment.

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I wrote a series on ways to generate enough additional income streams to save for your down payment. Each situation will