Coming Up with a Down Payment for First Time Homebuyers

We spend so much time searching for the perfect home. Everyone wants to live the "American Dream" in owning their own home. So many things go into finding a place to call your own and after all the time and effort you put in, usually there is one thing holding you back from that dream - the down payment! Buying your first home is a big step both financially and emotionally. If buying a home is your heart's desire you should do your research, investigate different options and determine what you can afford and what kind of mortgage payments you will be comfortable with. Here are 10 tips that could help you in coming up with or saving for your down payment on your first home.

Get a second job. I understand how important it is to be able to be at home. As a mother of two, I want to spend all my spare time with my family, but when it comes to making such an important decision to purchase a home, family time has to be put aside. It's a huge sacrifice to pick up a second job, but the benefit of saving enough from that second job to make your down payment on your home will be more than worth the sacrifice. Imagine all the time you will then be able to spend with your family, entertain friends and just have a place to call your own to come home to each day.

Saving your tax refund. Many people expect a tax refund, and often times it is in a pretty large amount. People with children also qualify for child tax credits, which are rather nice. Tax season is a highly anticipated time of year because besides a bonus at work, it may be the only time people see such large amounts of money in their hand at one time. Many of us, before we even receive our tax refund, have already planned out how we are going to spend it. One way to make your down payment is to save the whole thing or a portion of your refund.

Use special programs. There are special programs that offer down payment assistance to first time homebuyers. People from a wide range of income brackets may qualify for these programs. When looking into programs that offer loans and assistance, be sure to research all of your options.

Having a Yard Sale. Ever seen the show Clean House on the style network? A family in desperate need of a house makeover gets rid of all kinds of things they absolutely don't need and raise money to make over their home. Well, what do you have? Everyone has far too much stuff that they don't need. The hardest thing is parting with some of your junk. Just think of the reward of giving up some of the things that you don't need, don't use, don't want or just flat out don't like. You can sell them and save the profits for your down payment. We all have little nick knacks, but you have to have some big ticket items too! If you have ever seen the show, you can make it interesting by asking a friend or family member to help by matching your profit just like the show does. This will give you more of an incentive to sell, sell, sell.

Pick up freelance work . Often times there are places and things that will pay you do freelance work. For example, Associated Content. You can submit articles on anything you want and get paid for doing so. If you have the spare time and are looking to save for a down payment, freelance work may be the way to go. It's not a whole lot of money but the more articles you submit the more money you can potentially make. Getting your articles out there and getting noticed is probably the hardest part, but the work basically does itself anyway. The occasional writer's block is a reality, but again you can submit content on practically anything. Get started and you could be making anywhere from $50 to $ 400 per month. (These earnings are strictly an example and based on the work you put into writing, more or less could be made.)

Free Grants. The government often times offers grant money for many different things. Grants are offered to first time home buyers. When looking to access these grants further research is definitely recommended. The government gives out billions of dollars a year in grants that never have to be paid back, so check them out and see if you qualify for the home owners grant and your down payment could be taken care of.

Borrow or gift from parents. Parents and relatives are usually willing to help a family member when purchasing their first home. See if you could possibly borrow the money you would need for your down payment. Also, they could gift the money to you, in such cases where the money is gifted it isn't taxed up to a certain amount.

Throw a party. Here is a unique idea: throw a party. Make it personal, invite many of your friends and relatives. Charge a cover. On the invitation it's ok to put "Down Payment Party" which makes it seem like a charity event. I'm sure that many people who love and care about you would be willing to pay the $50 cover to attend. Use your kids, and their friends or teenage relatives to serve and host, cater or cook - inexpensive of course. Now you will have to put out some money to have the party, but imagine if you spent $250 to throw the party and you invited 50 people. At $50 per head you will have profited $2,250. May not be enough to cover your whole down payment, but it's a lot of money to host a night of fun for your friends and family.

Save. You could simply just save the money. If you can afford to budget $75 - $100 out of each paycheck, which would probably end up being your entertainment money in a year's time, you should have $1800 - $2400 per year. In 2 years you should be able to afford your down payment.

Become a sales rep. Whoever said that coming up with this down payment would be easy? We do have to work for the things we want. Here is a fun and easy way to do just that. Become a salesman/woman. Getting started as a sales rep for companies like Avon, and Mary Kay is very low cost to start. Begin on the weekends having friends and family throw parties with you as the representative. Products usually sell themselves, and you will make a commission/profit off each sale. If you are passionate about purchasing your home and selling your merchandise your income potential can be limitless.

It takes a lot to save money, to set aside fun things like dining out, movies, and shopping, but in the end your result is a beautiful home to call your own. Begin to discipline yourself to save for that down payment. Use one, a few, or all of the ideas listed and stick with them. You will have your dream home before you know it.