{"id":577,"date":"2025-01-18T12:19:54","date_gmt":"2025-01-18T12:19:54","guid":{"rendered":"https:\/\/finzexpert.com\/blog\/how-to-come-up-with-a-down-payment-on-a-house\/"},"modified":"2025-01-18T12:19:54","modified_gmt":"2025-01-18T12:19:54","slug":"how-to-come-up-with-a-down-payment-on-a-house","status":"publish","type":"post","link":"https:\/\/finzexpert.com\/blog\/how-to-come-up-with-a-down-payment-on-a-house\/","title":{"rendered":"How to Come Up With a Down Payment on a House"},"content":{"rendered":"\n
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Wishing you could buy a home? It can be challenging to save enough for a down payment, given how much houses now cost.<\/p>\n

But many people don\u2019t realize there are myriad programs that offer grants or loans to help home buyers come up with the necessary funds. \u201cThere are tons of programs to assist them,\u201d said Deatra Kemp, an advocate for first-time home buyers in Milwaukee.<\/p>\n

The programs can ease some of the daunting numbers behind buying a house. The median price of a home has risen to more than $400,000, meaning the once-traditional 20 percent down payment \u2014 an amount paid in cash toward the purchase of a home, in addition to the amount borrowed for a mortgage \u2014 would be about $80,000. And typical house prices are significantly higher in some parts of the country.<\/p>\n

Even 5 to 10 percent down is a stretch because rising rents have made it harder for people to save to buy a home, said Teig Whaley-Smith, chief alliance executive with the Community Development Alliance, a nonprofit group in Milwaukee that promotes affordable homeownership as a path to racial equity. \u201cFor working families,\u201d he said, \u201cthat\u2019s next to impossible.\u201d<\/p>\n<\/div>\n