Saving for a Down Payment: Where to Start

For many first-time buyers, the biggest question isn’t “Can I buy a home?” — it’s “How do I come up with the down payment?” The good news is, it may not be as out of reach as you think. 

According to the National Association of Realtors, the average down payment for first-time buyers is just 6–7%, not the 20% many people assume. Even more encouraging, about 8% of first-time buyers put down less than 3%. On a $350,000 home, that’s just $10,500, an achievable target with the right savings strategy and guidance. 

But while the down payment is a key part of your budget, it’s not the only one. Closing costs, which generally range from 2% to 4% of the purchase price, can add another $7,000–$14,000 to your total cost. That’s why it’s essential to know your numbers early on so you can set a clear savings goal and avoid last-minute surprises. 

That’s where your Employee Homeownership Program can make all the difference. 

Plan Smarter, Save More 

When you schedule your free financial fitness consultation, you’ll receive one-on-one guidance to help you: 

• Understand exactly how much you’ll need for your down payment & closing costs 

• Learn about loan programs that may fit your goals and financial situation 

• Find out if you qualify for down payment assistance, which can dramatically lower upfront costs 

• Uncover ways to strengthen your financial profile, such as improving your credit score or debt-to-income ratio, to access better interest rates or programs 

Even better? Many employees who use the program receive reduced closing costs, thanks to exclusive benefits and preferred partnerships. When combined with eligible down payment assistance, some employees are able to reduce their out-of-pocket expenses by up to 90%. 

Of course, these benefits depend on your individual situation, which is exactly why that early consultation matters. You’ll learn what you qualify for, what savings opportunities are available, and what action steps to take now. 

Real Stories, Real Results 

“I didn’t think I was ready to buy. But working with my advisor helped me understand what I needed to do, and I started saving right away. Six months later, I had enough for a down payment on my first home.” 
— Tanya L., employee client 

With the right plan and a few consistent habits, like automating savings, redirecting bonuses, or cutting back on unnecessary expenses, your goal of owning a home becomes a lot more real and a lot more reachable. 

Your First Step Starts Here 

Schedule your free planning consultation through your Employee Homeownership Program today. We’ll help you build a savings strategy, explore your options, and guide you every step of the way — from saving to closing. 

SupportSquad@AdvantageHomePlus.com | (800)511-2197 

The information contained and the opinions expressed in this article are not intended to be construed as investment advice. Advantage Home Plus does not guarantee or warrant the accuracy or completeness of the information or opinions contained herein. Nothing herein should be construed as investment advice. You should always conduct your own research and due diligence and obtain professional advice before making any investment decision. * Real estate commission contributions are available as state laws allow.