09/09/2025
Step by Step: Check out this list on how to save some money to help buy a home!
1. Assess Your Finances
• Check your income, expenses, and debts. List everything out so you know what you can realistically save.
• Check your credit score. A higher score can get you better mortgage rates.
2. Set a Target Goal
• Down payment: Typically 3%–20% of the purchase price, depending on the loan type.
• Closing costs: Usually 2%–5% of the home price.
• Emergency cushion: Keep some savings aside so you’re not “house poor.”
3. Create a Dedicated Savings Plan
• Open a separate savings account just for your home fund.
• Automate transfers (e.g., $200–$500 every paycheck).
• Direct extra income (bonuses, side gigs, tax refunds) into this account.
4. Cut Expenses & Boost Income
• Reduce discretionary spending (subscriptions, dining out, impulse buys).
• Shop for cheaper insurance, utilities, and services.
• Consider side hustles or overtime to speed up savings.
5. Explore Assistance Programs
• Look into first-time homebuyer grants, tax credits, and down payment assistance in your state.
• Some employers even offer home-buying benefits.
6. Track Progress & Stay Flexible
• Review your savings monthly and adjust as needed.
• Revisit your budget if income or expenses change.
👉 Tip: Many people aim to save at least 10% of the home’s value for down payment and closing costs, but more is always better. There are several programs that will help assist with down payments… call to discuss your options.
Hannah Brigman
Tiger Realty
130 Logan Drive Covington, Tn 38019
(901)770-7835 office
(901)686-6331 cell
[email protected]
