{"id":2101,"date":"2013-07-10T09:00:06","date_gmt":"2013-07-10T14:00:06","guid":{"rendered":"http:\/\/blog.beltmann.com\/?p=2101"},"modified":"2013-07-10T09:00:06","modified_gmt":"2013-07-10T14:00:06","slug":"how-to-save-cash-for-a-down-payment","status":"publish","type":"post","link":"https:\/\/www.beltmann.com\/phoenix\/how-to-save-cash-for-a-down-payment\/","title":{"rendered":"How to Save Cash for a Down Payment"},"content":{"rendered":"<p><a href=\"http:\/\/blog.beltmann.com\/2013\/07\/how-to-save-cash-for-a-down-payment\/georgeovercomeforeclosure\/\" rel=\"attachment wp-att-2113 noopener\" target=\"_blank\"><img decoding=\"async\" class=\"alignnone size-full wp-image-2113 lazyload\" title=\"Beltmann Relocation Group\" data-src=\"http:\/\/blog.beltmann.com\/wp-content\/uploads\/2013\/07\/GeorgeOvercomeForeclosure.jpg\" alt=\"\" width=\"500\" height=\"333\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" style=\"--smush-placeholder-width: 500px; --smush-placeholder-aspect-ratio: 500\/333;\" \/><\/a><\/p>\n<p>Hiring a <a href=\"https:\/\/www.beltmann.com\/phoenix-movers\/san-francisco-movers.htm\">mover<\/a>\u00a0might take the stress out of moving into another house. But before you can get to this point, you have to make sure that you\u2019re able to qualify for a home loan.<\/p>\n<p>If you think that getting a home loan will be easy, you\u2019re sadly mistaken. Home loan requirements have changed in the past 4 to 5 years, and if you apply for a mortgage today, you will need a down payment. Down payments for conventional mortgages are around 5%, but if you apply for an FHA home loan, you may be able to get approved with a 3.5% down payment<\/p>\n<p>If you don\u2019t have cash in the bank now, you might have to postpone your plans of purchasing a home. But with a careful savings plan, you can reach your goal and meet the lender\u2019s requirements.<\/p>\n<ul>\n<li>Reduce how much you spend. Track your spending for an entire month to determine how much you spend on recreation, entertainment, groceries and other non-fixed expenses. Sometimes, saving money for a down payment can be as simple as reducing how much you spend and prioritizing.<\/li>\n<li>Save any lump sum of money. A year-end bonus from your employer or a sizable tax return might be an invitation for a shopping spree or vacation. But if you want to purchase a home, set this money aside for your down payment.<\/li>\n<li>Borrow from your 401(k). Only borrow money from your retirement savings account if you\u2019re committed to replacing the funds. It taking a 401(k) loan to buy a house, you\u2019re typically given between seven and 10 years to repay the money. If you don\u2019t repay the money. You\u2019ll pay a 10% penalty, plus you\u2019ll get hit with taxes.<\/li>\n<\/ul>\n<div>(Photo attributed to Flickr member @401(K)2013 via the Creative Commons license.)<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Hiring a mover\u00a0might take the stress out of moving into another house. But before you can get to this point, you have to make sure that you\u2019re able to qualify for a home loan. If&#8230;<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[5],"tags":[94,104,40,88,19,20],"class_list":["post-2101","post","type-post","status-publish","format-standard","hentry","category-moving-tips","tag-kansas-city-mover","tag-kansas-city-real-estate","tag-living-kansas-city","tag-moving-preparation","tag-moving-tips","tag-moving-to-kansas-city"],"acf":[],"_links":{"self":[{"href":"https:\/\/www.beltmann.com\/phoenix\/wp-json\/wp\/v2\/posts\/2101","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.beltmann.com\/phoenix\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.beltmann.com\/phoenix\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.beltmann.com\/phoenix\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.beltmann.com\/phoenix\/wp-json\/wp\/v2\/comments?post=2101"}],"version-history":[{"count":0,"href":"https:\/\/www.beltmann.com\/phoenix\/wp-json\/wp\/v2\/posts\/2101\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.beltmann.com\/phoenix\/wp-json\/wp\/v2\/media?parent=2101"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.beltmann.com\/phoenix\/wp-json\/wp\/v2\/categories?post=2101"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.beltmann.com\/phoenix\/wp-json\/wp\/v2\/tags?post=2101"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}