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Explore low down payment options
You know you can make the monthly payments (you already do that), but where will you get the down payment for your home? How can you possibly save enough money when you’re pouring your money into rent each month?

Fortunately, you may not need as much as you think.  There are many low-down payment, even zero-down, programs available. Ask your real estate agent for information and get referrals to lending institutions. Call all the banks and mortgage companies listed in your phone book’s yellow pages and ask about options. Research home loans on the Internet. You may be surprised at what you find.

There are also local and federal government programs designed to help renters become homeowners. Again, ask your real estate about these programs. A little homework may make the difference in financing your first home.

Work with the sellers
Ask the sellers if they’re willing to act as your lender and carry the loan. Sometimes, if you commit to pay more than the asking price – or pay a higher interest rate – sellers carrying the loan won’t require a down payment. Use the assets you already have

If you don’t have debt and own an asset (like a car or boat) free and clear, you may be in better shape than you thought. Ask your lending institution if they’ll lend you the down payment using your asset as collateral. While this option may come with a high interest rate, it might work for you.

Ask Friends or Family Members for Help
Most lending institutions allow borrowers to use gifts for their down payment.  Perhaps a friends or family member is in the financial position to help you purchase your first home. It’s worth considering.

Keep Saving
While you explore your options, continue to save on a regular basis, even if it’s only $25 a month. Not only will this will take you closer to your goal, it will show lending institutions you have a record of responsible saving.