You have your eye on the prize: a new home. You have started to save for the down payment but it just seems like you are not getting there fast enough. You are living within your means. You have good credit and a good job. But home prices in Colorado are going up and up and you feel like you are not saving fast enough to get even a 3% down payment!

Well, your instincts are probably correct since interest rates returns are low on traditional saving accounts where you probably have your money (this is nationwide), and yet home prices in our area of Colorado tend to be appreciating at a rate of 1% per month. Therefore, you may feel as though you are not be accumulating a savings as fast as you had planned. Time to strategize so you don't get left out of the market.

In this week's blog I want to share tips for home buyers on how to pull cash out of other resources in order to get to that down payment faster.  Realizing that everyone's situation is different, we hope some of these ideas may help you get to your down payment goals faster.

Check Out Down Payment Assistance Programs

According to RealtyTrac“Many homebuyers, especially Millennials, haven’t fully investigated their home financing options because they are pessimistic about qualifying for a mortgage. Our Homeownership Program Index highlights the wide range and availability of down payment programs available to today’s homebuyers. In fact, 91 percent of the 2,290 programs in our registry have funds available to lend to eligible buyers."  In Colorado, many first time home buyers receive grants using the CHFA program or check out the Colorado First Time Home Buyers program

Put Your Savings on Auto-Pilot

Talk to your bank about setting up a high yield savings account or CD to hold your down payment savings. Consider putting your funds into a CD so that you can not easily withdraw the funds without penalty.  After you transfer your funds into the new account, then be sure to set up an automatic monthly transfer to align with your payday. This way, you won't be tempted to "borrow" from that stash. 

eBay Your Way to a Down Payment

If you are like most Americans, you have stuff, lotsa stuff! Some of that stuff may be worth a small fortune. Think about how much your baseball card or stamp collections could help pad your down payment savings. What about selling appliances you don't use, ski equipment you stopped using or even furniture that you just don't need anymore could all help contribute to your down payment savings. If you don't want to use eBay (since you may have to ship items), then consider Craigs List or even a local Facebook Group like the one in our area called the "Shop the Oh Oh".

Your Company May Provide Help

According to Money Talk News, "Some companies, colleges, universities, and state or local governments have programs to help employees with down payments. Ask your human resources department about possibilities where you work. When negotiating for a job, you may be able to ask your new employer to include down-payment assistance as part of your compensation package — as a signing bonus or relocation assistance."

Be sure to click through some of the articles that we have collected for you below. These resources may help you get to your down payment savings more quickly!

If you have been following Louisville Realty Associates on social media you will know that we provide regular updates on what we think home owners and home buyers may be like to know. We also provide snapshots of market data for East Boulder County. While it is easy to get lost in the multitude of statistics available for everyone to look at online, we always keep our data sweet and simple here. At Louisville Realty Associates, our wonderful agents have the experience, energy and depth of knowledge to help you list your home for the best price. You can reach us anytime at

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