Know what you are preparing for
Explore possible down payment, closing, reserve, moving, and early homeownership costs instead of treating them as one unknown total.
03 Savings
You May Not Need as Much Saved as You Think.
Homeownership preparation is not about reaching one intimidating number on your own. It starts with understanding the costs, the resources that may be available, and the next savings goal that fits your situation.
Your next steps
A clearer path forward.
Look beyond one savings account
Depending on the program, personal savings, eligible gifts, approved assistance, and other acceptable sources may be considered.
Choose the next reachable goal
Organize your records, understand the gap, and build a practical preparation plan with a licensed mortgage professional.
Preparation checklist
Get ready one step at a time.
A 20 percent down payment is not required for every loan program. Down payment, reserve, gift-fund, and assistance requirements vary by program and borrower.
- Gather recent account statements
- Identify every potential source of funds
- Keep records of significant deposits
- Ask about available assistance early
Replace the big number with a clear plan
The first goal is clarity—not perfection.
Many future homeowners pause because they assume they must save 20 percent before asking questions. Your actual preparation target may depend on the home, loan program, closing costs, reserves, eligible sources of funds, and assistance for which you may qualify.
A better first question: What might I need for the path that fits my situation?
Possible parts of the plan
Funds you have
Documented savings and other eligible assets.
Funds you may receive
Eligible gift funds, when permitted and properly documented.
Resources you may explore
Approved assistance programs, subject to availability and eligibility.
Your next step
A reachable plan begins with the right target.
Share your contact information and an On Q home loan professional may contact you to discuss potential costs, eligible sources of funds, possible program options, and a practical preparation target for your situation.
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