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Before transitioning from renter to home owner, potential buyers must typically save between 5% and 20% percent of the home’s value for the down payment. The American Bankers Association is offering tips to help consumers prepare for one of the first steps in the home buying process – saving for a down payment.
Did You Know? Tthe target down payment is 20% of the home's value.
“Saving money for a down payment, while balancing life’s many other expenses, can be incredibly challenging,” said Frank Keating, ABA president and CEO. “However, with a few adjustments, consumers can put themselves on track to make a down payment on their dream home.”
ABA suggests the following tips to help consumers save:
Don't forget to keep track of your progress!
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