Saving for Your First Home with the DCP

Imagine living in your dream home. Getting there takes time, but it’s possible.

The first step is to determine how much home you can afford and identify the amount you wish to save for your down payment. An average down payment is 20% of the purchase price. Then, you will want to establish a home budget and adjust your spending to save as much as you can so you can move in the direction of your dreams.

Prioritize Your Objective  
When you prioritize saving for a home as being as important as your other immediate expenses, you are essentially paying yourself first. Paying yourself first means that you save for your important priorities first, not last. If you prioritize saving for a home and are disciplined about following through, you are more likely to achieve your financial goals sooner.

Consider a DCP Residential Loan
Saving 20% for your home down payment can seem daunting. However, you may not have realized that the DCP can help. Funds you accumulate in the DCP can be accessed through a residential loan from your DCP account. This loan type can only be requested for the purchase of a principal residence. You can choose a repayment period of 1 to 15 years. All residential loans require a signed promissory note, Truth-In-Lending statement, and appropriate documentation. You may borrow up to 50% of your account balance, subject to a minimum loan amount of $1,000 and maximum loan amount of $50,000. Learn more about DCP loans here.

Set a Realistic Timeframe 
All good things take time. Saving for a home is a big financial goal, but it’s manageable with commitment, time, and realistic expectations. The best way to put time on your side and meet your objective is to take that first step today. So don’t delay and contact us to learn more about how the DCP can support your financial goals.