So many in America desire to become home owners. They know that home ownership is the most likely path towards financial security for their family as well as freedom from the tyranny of landlords. Indeed, Federal Reserve Board studies have shown that owners have a net worth many times that of renters. The goal of owning not only promotes financing security, but also promotes stability and the freedom of choice.

The next question is — why don’t more Americans purchase a home? 

There are many obstacles on the road to achieving home ownership but studies by mortgage giant Fannie Mae have shown that the clear number one obstacle is the lack of liquid assets. Many Americans have the income and credit to qualify but amassing savings is difficult in this day and age. Some of this is misinformation on the part of those who don’t own a home. Many feel that it takes tens of thousands of dollars in cash to purchase, but that is not always the case. The purpose of this article is to look at alternatives that lessen cash requirements plus give potential homebuyers ideas of where to come up with the necessary capital to purchase their first home or perhaps move up from their present home.

Lower down payment programs. There are specialty programs which lessen or even eliminate the need for a down payment. For example, the VA Mortgage Program requires no down payment but is open only to active military and veterans, as well as reservists and those who have served in the National Guard. In less populated areas the USDA Rural Housing Program also requires no down payment. The Federal Housing Administration (FHA) Mortgage Program requires only….

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