In order to buy a new house you're likely going to need a fairly large sum of money behind you, if there is more than one person buying, such as being a couple or a family then you are going to have a slightly easier time but it's still a massive expense, if not the greatest expenditure you're going to make in your life.
So chances are you've been saving some money to buy your first home and may have had your fill of renting accommodation. Owning property is going to be the best investment you can make if you can time it well and buy at a decent price.
The housing market has been notoriously over-priced for many potential first time home owners but has recently seen a noted drop in prices in light of significant increases in the mortgage market. House prices have dropped consistently for the past three months mainly due to the lack of liquidity with mortgages; this could mean for some people that buying a house now is the best option.
In order to score yourself a new home you're going to need to arrange your down payment, this process is basically the percentage of your chosen house's value that you will pay up in order to secure it as yours. Typically the percentage is 20 percent; this is advisable as placing a 20% down payment is going to eliminate the need for Private mortgage Insurance.
There are a few schemes where 100% of the purchase price is covered by loans helping to save down payment costs, however these schemes are typically run by government and federal organisations such as the Department of Agriculture or Veteran Affairs and will have criteria to meet before you are approved.
There are many down payment assistance schemes that can help you achieve your goal of owning your house and not struggle to meet the asking price. With some changes to Federal Housing Administration there are some deals that are soon to run out and so if you've been putting off that purchase then maybe you should look into assistance schemes now before they disappear!
If you are interested in buying a house now and need help on how to save down payment costs then look around and see if you can get down payment assistance or mortgage advice.