Saving for a Down Payment
Saving for a down payment is often one of the biggest hurdles for buyers.
Understanding how down payments work and planning ahead can make the process feel more manageable and less overwhelming.
What a Down Payment Is
A down payment is the portion of the home price you pay upfront.
The amount varies depending on the loan type, the home price, and your financial situation. Some buyers need more saved than others, and that is normal.
How Much You May Need to Save
There is no single down payment amount that applies to everyone.
Some loans allow smaller down payments, while others may require more upfront. Your choice affects monthly costs and long term flexibility.
Where Down Payment Funds Can Come From
Down payment funds often come from personal savings, but other sources may be allowed.
In some cases, gifts from family or other approved sources can be used. Lenders usually want to understand where funds come from, so planning ahead can help avoid delays.
Timing and Preparation Matter
Having funds ready in advance can make the buying process smoother.
Money that has been in your account for some time is often easier to document than recent transfers. Thinking ahead helps reduce last minute questions.
What Comes Next
Once you understand your down payment plan, you can explore loan options and prepare for pre approval with more confidence.
Explore more guides in the Learn Hub section or try the Home Readiness Check™ to see how prepared you are for buying a home.