Well- unless they have parents or family that can help, most people simply save money....they make a budget, and live within their means while putting money aside on a regular basis - not just necessarily for a down payment - as even people who never plan to buy a home should, and do, save money.............it's called planning for the future.
Please feel free to drop me a line, and I can put you in touch with some fabulous lenders in our area that can help guide you.
Cheryl Madden, Calcagni Associates
203-284-1822 x 205
Next, check out grants or forgivable seconds, again these are usually local or regional, I know of 5 in my area another good reason to move here.
Secured financing is allowed as a source on many mortgages, like a loan from your credit union against a car or something of value. Unsecured loans are not, like from a family member. Gifts from a family member are allowed on most mortgages but the rules vary from loan to loan. Employers are allowed to pitch in.
Hook up with a good Realtor and then have them introduce you to the lender they trust the most. The entire process is more difficult than it has been since my parents became Realtors back in the 60â€™s so teamwork is essential. Choose your Realtor wisely and then follow their suggestions. Most buyers and sellers get in trouble when they ignore the advice of the person they hire to guide them. In EVERY problem I have watched from the outside that has been the case, no exceptions so far. If you have any questions on my comments shoot me a message from my profile, god luck.
I believe that most home buyers have some savings built up and they also may have money earned from investments to use towards their down payments.
Sometimes buyers are gifted some funding through a relative.
Hope this is helpful.
Prudential Connecticut Realty