Buying a home is a big deal, and coming up with that down payment is not as easy as it sounds. Strike that, it doesn't sound easy at all. Coming up with $10,000 for a down payment is nothing to sneeze at. In today's market, having a larger down payment typically means lower interest rates and a better chance of getting your offer accepted. So how can first time home buyers come up with the money needed for a down payment? Even FHA loans need 3.5%, and on a $400,000 home, that's over $13,000. There are some unique and creative ways to come up with that down payment. Here are five ways to either make or find money for a down payment.

Down Payment

Down payment assistance programs.

Down payment help or assistance is actually available to a lot of first-time homebuyers and most don't know that. Grants and other programs are specifically designed for low-income borrowers but even if you're not low income, there are some great assistance programs and grants available for first-time homebuyers, regardless of your income.

These grants and loans can cover upfront costs such as down payment, closing costs, or even an earnest money deposit. Some assistant loans can even cover up to 3.5% and only need to be repaid if you sell, refinance, or vacate the property within the first five years. It may be worth it to look into different options for that extra push you need in getting a down payment.

Read More: How much should I put down?

See what you can sell.

Obviously, if you sell things you'll earn money, but think about all the things you may not be taking to your new home anyway. Do you have an extra car, boat, or just a lot of "things" lying around that you know you won't move to the new house? It's time to get those things sold. But, be sure to save every penny you get from the sale of those items so that it adds up to a nice down payment.

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