5 Tips for Saving for a Down Payment on a Home

The traditional down payment required for a house is 10-20%. During the housing decline and recession, many lenders were approving buyers with as little as nothing down, allowing buyers to purchase homes they couldn’t afford. Although the exact percentage isn’t set in stone, it is wise to prepare to pay at least something towards your down payment. To begin saving for a down payment, there are a few factors to include such as deciding how much house you can afford, setting up a savings plan, cutting expenses and raising cash, borrowing from your 401(k), and finding out if you qualify for assistance. Read the full article here: http://blog.coldwellbanker.com/5-tips-for-saving-for-a-down-payment-on-a-home/