How to secure a down payment – are side hustles the way to go?

When the going gets AI, the tough get going Rebecca Richardson, a mortgage loan originator with UMortgage in Charlotte, N.C., is a strong proponent of the “side hustle” toward achieving other income streams. She has advised clients on finding an ancillary job toward saving up for a down payment on a home.

“With the average down payment and closing costs around $20,000, how does the average person save up enough when everything is costing more due to inflation?” she asked rhetorically. “While some programs don’t require down payment or you may be able to get down payment assistance, most buyers need at least 5% for their down payment and closing costs.”

“Every dollar you earn in your spare time through a side hustle or part-time job could go toward a down payment,” the self-described “mortgage mentor” said. The value of a side job is heightened given higher costs spurred by inflation, she said. By Tony Cantu

02 August 2023 READ THE FULL ARTICLE HERE