Jeni VanOrnum | Real Estate Insights & Education

Saving for a down payment feels overwhelming. I’m Jeni VanOrnum, your Douglas County real estate agent, sharing practical strategies to save for your first home down payment.

Set a Realistic Goal

Don’t assume you need 20% down. FHA loans require just 3.5%, conventional loans need 3-5%, and VA loans need zero down. For a $400,000 Douglas County home, 5% down is $20,000—more achievable than $80,000. Set specific savings targets with deadlines.

Automate Your Savings

Set up automatic transfers from checking to savings each payday. Treat it like any other bill—pay yourself first. Even $500 monthly becomes $6,000 yearly. Consider high-yield savings accounts earning 4-5% interest.

Use Colorado’s First-Time Homebuyer Savings Account

Colorado offers tax-advantaged savings accounts for first-time buyers. Contributions are deductible from state income tax (up to $2,525 single, $5,050 married filing jointly annually), and withdrawals for qualified home purchases are tax-free. Open this account immediately.

Cut Unnecessary Expenses

Review your spending ruthlessly. Cancel unused subscriptions, reduce dining out, skip expensive vacations temporarily, downgrade phone plans, eliminate impulse purchases, and pause expensive hobbies. Redirect savings toward your down payment fund.

Increase Your Income

Consider side hustles or freelance work, overtime opportunities, asking for raises or promotions, selling items you no longer need, or renting out spare rooms if applicable. Extra income dedicated entirely to down payment savings accelerates your timeline.

Use Windfalls Wisely

Direct tax refunds, work bonuses, gifts, inheritance, or any unexpected money straight to your down payment fund. These windfalls can shave months or years off your timeline.

Down Payment Assistance Programs

Research CHFA and other Colorado programs offering grants or low-interest loans. Some employers provide homebuyer assistance—check with HR. These programs can cover your entire down payment.

Gift Funds from Family

Most loan programs allow family members to gift down payment funds. Proper documentation is required, but this is common and accepted.

Start Your Journey

Ready to develop a personalized savings plan? Contact Jeni VanOrnum today for down payment assistance connections.