If you are in the market for a new home, its important that you know what type of loans are available to you. Whether you have perfect credit, a few financial blemishes or are just starting out in life and want to own a home, understanding your options will prove to be invaluable during your house hunting excursion.

Purchasing a home with a low down payment is important for a number of reasons, including the buyers ability to have extra cash left over for closing costs, decorating expenses, upgrades and/or other essentials needed to turn their new house into a home.

Saving for a down payment can be a difficult and time-consuming task, but there are options for financing a home purchase other than saving or the traditional borrowing options.