Down payment and closing cost

For first-time homebuyers, the greatest obstacles to homeownership is saving the money to cover the down payment and closing costs.

There are a number of ways to get money toward down payment or closing cost!

1. The traditional way to get down payment for your home purchase will be saving the money over a period of time.
2. Get the money from your 401k, they usually have allocated provisions to make it easy to obtain.
3. Get a down payment gift from family members.
4. When all of the above options are not possible, most cities or states have access to money to increase home ownership in their area. These are called down payment assistance programs which can help you with the down payment.

Closing cost are made up of the following but not limited to: Lender fees, appraisal fees, attorney fees, escrow, etc.