Do I really need a down payment to buy a home?

The no down payment days are over. That is how the housing mess came to be, lucy-goosey lenders giving everyone a loan. I remember helping buyers find homes that didn't even have jobs, yet they had pre-approval letters and successfully went to close. Foreclosure wasn't too far behind after that happy purchase. So how do you save for that down payment? It will take some time, but it can be done. First of all, begin with an expense journal. Write it all down. Even the $4 lattes, and the $1.69 bottle of water at the mini mart, and the $1.29 roll of mints at the grocery checkout. Do this for a month or two and then analyze and scrutinize. It's all obvious isn't it? Refill your water bottle before you leave the house, use a travel coffee mug and make your latte at home (it's just coffee, milk and sugar anyway!), buy a large bag of mints and put some in your car. Eating lunch out? Start making it at home, it's really cool these days to brown bag it! Start pot luck lunches at work! Now, these suggestions are little savings that will take awhile to make a difference, but on to the bigger ones. Do you go away every winter to a warm climate? Now, don't hate me, but do it every other year instead. Open up a savings account and deposit money in it immediately when you receive your paycheck, you are actually paying yourself for the future of owning a home. Owning a home is the biggest investment you will make and it also has proven benefits to your health, family and community.