5 Smart Ways to Save for a Down Payment

TWL_2015_feb_blog5With FHA loans more affordable than ever, homeownership is now within reach for thousands of renting Americans who are likely paying more to rent than they would to own. In many cases, the only thing standing in the way of a renter becoming a homeowner is the down payment. A recent article from online real estate powerhouse Zillow offers five smart tips to help renters get on their way to accumulating the 3.5 percent needed to qualify for an FHA loan. One of the smartest tips is particularly timely as tax filing season is in full swing. According to the article, the average tax refund last year was $3,116. Instead of splurging on a vacation or other large purchase, setting this money aside for a down payment will get a person looking to purchase a $175,000 home more than half way to their savings goal.

Read the full article for more money-saving tips.

Image Source: 401(K) 2012