In most cases, in order to buy a home you must pay 20% down in order to secure financing to make such a large purchase, which can be hard to do in our current economy. Finding creative strategies to save up your down payment may be your best bet.
Cutting out the small stuff is a start, though as Michael Corbett, a real estate expert for Trulia states, “You’re not going to earn a down payment by stopping Starbucks.” It might take making different lifestyle decisions and sacrificing some luxuries. Whether downsizing or developing a new source of income is the answer, the suggestions detailed in this Washington Post article may be the best solution for your circumstance.
Here's a link to the article suggested above http://www.washingtonpost.com/news/get-there/wp/2014/09/09/how-to-save-for-a-down-payment/