If you have good credit and a steady income but not much in your savings account, you may want to look into the low-down-payment mortgage options that recently became available. After the 2008 mortgage crisis, down payments rose as lenders became more cautious about who they offered credit to, but now that the economy seems to be making a recovery, the prevalence of low-down-payment loan options is doing the same.
Fannie Mae and Freddie Mac have both recently introduced programs allowing first-time and low-income homebuyers, along with those refinancing their homes, to access loans with down payments of only three percent (3%). Previously, the lowest down payment these lenders offered was five percent (5%). The Fannie Mae program has already been in effect since December, and the Freddie Mac Program, which is targeted at low-income homebuyers in particular, will go into effect in March.