Save Cash Using These 20 Tips in Every Part of Your Home

19. Take Advantage of Down Payment Assistance Programs

If you can’t afford a down payment and don’t qualify for a mortgage with no down payment, that doesn’t mean you can’t buy a home.

“There are so many down payment assistance programs out there for buyers, so educate yourself,” said Dawn Houlf, realtor and owner of EXIT Realty Number One.

One option is a 203k loan, which can also help cover renovation costs.

“First-time homeowners who want to renovate their homes on a budget, or homeowners who opted to buy a distressed property for a good deal, should strongly consider the 203k loan,” said Than Merrill, founder of real estate investment company CT Homes. “A 203k loan is a type of home renovation loan that is backed by the Federal Housing Administration. The loan includes both the cost of purchasing a property, plus the estimated costs for renovating it.

Homebuyers that wish to rehabilitate an older or damaged home can get approved. Not only will this loan cover home upgrades, it also allows borrowers to put down 3.5 percent on their homes as opposed to the standard 20 percent.”