The dream of owning a home may feel out of reach for many due to the hefty down payment required. However, there are creative ways to save up for that 20% down payment and make homeownership a reality.

One option is to look for down payment assistance programs. Organizations like the Federal Housing Administration (FHA) offer loans for low-to-moderate-income borrowers with lower down payment requirements. Veterans and active-duty military can also benefit from VA loans with zero down payments.

First-time buyers can take advantage of incentives and programs aimed at helping them achieve homeownership. The Department of Housing and Urban Development (HUD) supports programs for first-time buyers, and some states offer savings programs to help accumulate funds for a down payment.

Supplementing your income with a part-time job can help increase your savings for a down payment. Selling belongings you no longer need can also provide extra cash. Additionally, downsizing your lifestyle by moving to a smaller apartment or cutting back on expenses can free up more money for savings.

Asking for a gift from family members or borrowing money can also be options to consider. Just be sure to follow the necessary legal procedures and tax implications.

While the 20% down payment may seem daunting, there are various ways to achieve this goal and make homeownership a reality. With some creativity and determination, owning a home can be within reach for many aspiring buyers.