SoFi Blog

Tips and news—
for your financial moves.

Your 12-Month Master Savings Plan to Buying Your First Home—While Paying Down Student Loans

Not-so-breaking-news: home prices are on the rise, especially in large metro areas. In San Francisco, the median price for just an entry-level home is $450,600. Meanwhile, in Portland, average home prices grew 11% to $334,900 since last year. So saving for a down payment for your first house can be tough. Especially if you’re trying to buy that first home with student loans to pay off. And if you’d like to purchase that home super fast to lock in a competitive mortgage rate and put your rent money toward something that builds value, it can feel impossible.

But here’s the good news: It’s definitely doable, even within just 12 months, if you accelerate your savings and prepare wisely. Follow our strategy below to take that big step into home ownership fast.

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Home Mortgage Loans: Is 20% Down Dated Advice?

Home Mortgage Loans: Is 20% Down Dated Advice?

If you’re ready to buy your first home, you’ve likely heard that a 20% down payment on a mortgage is pretty standard. But given that as of July 2016 the median price of a home in the U.S. was $294,600, that can be a substantial chunk of change—$58,920 to be exact. Heck, that’s enough for an all-frills wedding, a Model 3 Tesla and a sweet honeymoon, or maybe even for a small private island in Nova Scotia.

But is the 20% down sage advice or an opinion that’s no longer relevant? Just last year, the average down payment on a single-family home was 14.8% (via RealtyTrac). So, times are a changin’.

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