For much of the 20th and 21st century, home buyers struggled to get together a sufficient down payment. In the past, it was not uncommon for banks to require up to 50% down before providing a mortgage. Thankfully, times have changed. While the desired down payment is around 20% today, few buyers are able to get this amount together. Other loans are available for borrowers with fewer savings, including an FHA loan with a minimum of just 3.5% down.
Still, it is best to put as much down as you can comfortably afford, because it lowers the mortgage balance and the monthly payment for which you will be responsible. Here are some ways to get together a down payment to buy a home:
If you are in a slow market, it is worth asking the seller to give you the down payment as a credit or pay your closing costs, especially if you are willing to pay asking price. Be sure to check with your lender first, as some have requirements about how much you are allowed to receive.
There are many programs that help borrowers with down payment assistance, particularly first-time buyers and veterans. You can also check if your city or county offers any programs to increase home ownership in certain areas.
Assuming you stay in the same field, changing jobs should have no effect on your ability to qualify for a mortgage. It may be a good time to start looking for a better-paying job.