Is the anticipation of needing to make a sizeable down payment discouraging you from homeownership? According to data from a U.S. Census housing survey, nearly 50 percent of current homeowners made down payments of 10 percent or less.

Don't let the need to make a down payment discourage you from purchasing your first home.

Our REALTORS® have put together a list of usefultips to save for a down payment.

1. What Is Your Goal?
   Start with the end in mind.Figure out a realistic price range of homes you can afford,how much of a down payment you'll need and your time range. Getting prequalified is a helpful exercise to get some substantial numbers.
   
   
2. Create a Budget
   You already know a vague intention of putting money away "when you can" isn't going to work. Whether you use a spreadsheet or paper and pencil, write down every penny that comes in and goes out each month, so you know where you stand.
   
   
3. Set a Monthly Savings Amount
   Once you have an amount in mind, you can determine how much money to save each month to make it happen. If you don't have enough disposable income for your goal,there are two options: reduce the amount of money spent or increase earnings.
   
   
4. Cut Back on Spending
   When is the last time you examined your spending patterns? Certain expenses are fixed, but you can almost always find things large (vacations) and small (daily lattes) to forgo.
   
   
5. Boost Your Income
   Gone are the days when traditional full-time jobs are the only way to make money. With options like selling on eBay, driving for Uber or freelance writing, the possibilities are endless. As a bonus, you work when you want instead of on someone else's schedule.
   
   
6. Pay Off Debt
   Putting money aside while you're paying out on credit card interest is taking one step forward and two steps back. Pay off any outstanding credit card balances, prioritizing ones with the highest interest rates.
   
   
7. There's an App for That
   Automate savings with an app like Digit, which analyzes your spending patterns and finds opportunities to put money away painlessly. You can also use direct deposit to funnel money into savings before it gets into your hands.
   
   
8. Ask for Cash
   Let family and friends know about your plans and ask them to give cash for birthdays, holidays, or any other gift-giving occasion.
   
   
9. Say Goodbye to Splurges
   Do you generally treat yourself to extravagant purchases when you receive bonuses, tax refunds, or other "found" money? Adding those funds to your down payment savings will eventually pay off.
   
   
10. Look into Assistance Programs
    Many state and local governments have down payment programs offering assistance throughgrants, interest-free loans, or traditional loans. Also, the Federal Housing Administration (FHA) loans allow borrowers to put down as little as 3.5 percent depending on your credit score.
    
    
11. Tap Retirement Accounts
    If you have a 401(k) or individual retirement account (IRA), check the rules regarding withdrawals or loans for down payments. While penalties may be waived, you will still have to pay taxes, so be sure to consult with a financial advisor.

We have years of experience helping people of all ages and financial situations reach their dream of homeownership. Contact usto learn more about what we can do for you.