How can I grow my savings for a down payment?

My fiance and I are beginning to save for a house. We're considering our starter home as an investment towards a house that we can live in long-term, raise a family in, etc. The problem is that in our area, housing prices are astronomical. Coming up with a down payment large enough to avoid PMI and afford the monthly payments is tough. We've saved about $30,000, and bring in a steady $112,000 combined a year with our salaries. Our target for a down payment is $200,000, but it seems like it'll take years to get there while still paying rent. Are there any ways other than the standard high-yield savings accounts and CDs that can help us grow our savings in a matter of two to five years?

Investing, Real Estate
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November 2018

Sadly given the risk level you are likely to take for these funds I would not suggest anything short of a high yield savings account.  The question that jumps off the page to me is if you are looking to purchase a home and not pay PMI (meaning 20% down) are you really looking at homes valued at a million dollars?  If so I would strongly caution that I don't think having a $800,000 mortgage on $112,000 income is a viable solution.  Something to note is you can put down less than 20% and pay off PMI when applying for a mortgage.  Talk to a mortgage specialist as they should be able to help guide you there.  Again I'd caution the cost of the house and fear being house poor.

November 2018
November 2018
November 2018
November 2018