Down Payment Options
 here are a number of programs for people who don't have the cash to make a 20% down payment.
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| Commercial programs |
| Most first time buyers use a commercial program to guarantee their mortgage. It is fairly easy to qualify for these programs, but they can be expensive. |
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| Government programs |
| There are a number of state and federal programs designed to help people make a down payment. Each program has different criteria for eligibility. |
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- FHA loans
With an FHA loan, you can put as little as 3% down, but there are lots of limitations on who qualifies.
- VA loans
If you are a U.S. military veteran you may not have to make a down payment. For a fee, the federal government will guarantee your loan as long as it falls within limits.
- FmHA loans
Buying a small rural property? Get on a waiting list for a FmHA loan and the government might subsidize your purchase.
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| Other options |
| Commercial or government program not going to do the trick? There are a number of other options available to you. |
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- Family gift
Any gifts or loans from your family need to be documented if you're using them for the down payment.
- Seller and broker financing
If you're in a buyer's market, you may be able to borrow from the seller or from your real estate broker.
- Find a private investor
There are investors who might be willing to buy the home with you.
- Get a house mate
If you can stand living with a house mate, the additional income can be helpful.
- Down Payment Assistance
Every day hundreds of home owners participate in bond and grant programs to receive down payment assistance from nonprofit organizations.
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