Photo: Jill Wellington/Pixabay
StatePoint Media - If you dream of owning a home but aren’t sure whether you have enough money for a down payment, take another look. You might already have enough or be closer than you think.
Down payment and closing cost assistance
Depending on your situation, you may qualify for a grant to help with your housing purchase. Grants can offer down payment and closing cost assistance. Some financing programs also allow qualified homebuyers to put down as little as 3%.
“Aspiring homeowners may want to talk with a mortgage professional to explore their options. They can help aspiring homeowners understand how much they need for a down payment and other upfront costs as well as for ongoing expenses such as insurance, homeowners’ association fees, and unexpected repairs,” says Ewunike N. Brady, head of African American Segment, Wells Fargo Home Lending.
If saving up to buy a home is your goal, how can you put more money away each month to get there sooner? Here are some savings tips to consider:
1. Pay down credit card and loan debt to save money on interest. This may also lower your debt-to-income ratio and increase your credit score, which helps when applying for a mortgage. Start with accounts with the highest interest rates, pay more than the minimum, make payments every two weeks instead of monthly, and consider setting up automatic payments.
2. Track your spending habits and evaluate what you can cut. Many helpful budgeting apps are available. Small changes can add up to big savings. For example, make your own coffee, pack a lunch, carpool, get your hair cut less frequently, or cook and watch movies at home instead of going out.
3. Reconsider subscription services and monthly memberships. How much do you spend per month, and do you use them enough to get your money’s worth? If you have gym membership, can you work out at home or enjoy public recreation areas? How many apps or streaming video or music services do you need?
4. Minimize account fees. Pay attention to when a bank account incurs fees so you can avoid them when possible – for instance, maintain the daily minimum account balance, use your debit card a specified number of times during the month, or stay below a maximum number of withdrawals from a savings account. And of course, avoid overdrafts.
5. Consider using automatic bill pay options through your financial institution or the billing entity, like your utility company. Then you’ll avoid accidental late payments and the fees that come with them.
While saving for a down payment seems daunting, it does not have to be. Understanding the facts about what’s required to buy a home and having a savings plan can put you well on your way to achieving your homeownership goal.
The art fair will be open from 10 am to 4 pm on both days. Vendor booths will be located along the park road adjacent to the Lake House and the large pavilion. Local and regional artists will be offering paintings, textiles, ceramics, photography, jewelry, glass, mixed media, and more for sale.
Featured artists include Champaign native Megan Hinds, an alumna of Illinois State University, where she specialized in printmaking. She graduated with magna cum laude honors in 2016, and her work has been exhibited at the Jan Brandt Gallery, Joe McCauley Gallery, Heartland Community College, 40North Gallery, Spudnik Press Cooperative's Annex Gallery, The Art Center, and Lincoln Land Community College. Recently, her artwork was awarded the Best-Emerging Artist award at the Ann Arbor Art Festival in 2019, the Best 2-D Artist award at the Naperville Fine Art Festival, and the Best Printmaker award at the Deer Park Art Festival.
If you're someone who loves the romantic side of life and is looking for artwork that reflects that passion, you might be interested in the work of Melanie Sartori. She is a self-taught artist and muralist based in Madison, WI, drawing inspiration from vintage items, travel, and adventure. Melanie often uses locally collected vintage and antique frames to create one-of-a-kind paintings, using the frames as a starting point for her creativity and to infuse her work with a sense of history and sustainability. Additionally, she creates unique jewelry collections as part of her commissioned work.
Cammie Meerdink, the artist known for her visionary work at Piper Pottery & Crafts in Mahomet, has been creating stunning and practical clay pieces for more than two decades. Her process involves incorporating natural elements, vintage artifacts, and contemporary influences to produce singular stoneware pieces. Meerdink has gained recognition in artistic communities for her imaginative and utilitarian pottery designed for both home and garden use.
