It is important to work with a local licensed mortgage originator. www.namb.org

Down payment requirements: VA and USD/Rural Housing are 0% down payment, FHA is 3.5% down payment and can come from a gift from a family member, and Conventional is a 3% down payment requirement. Example: FHA 3.5% down payment, Sales price is $150,000 x 3.5% down payment on an FHA loan = 5,250 (can come from a family member as a gift on FHA). plus closing costs. Closing costs can come from a sellers contribution (up to certain limitations), from a lenders credit or from a gift from a family member on VA, USDA and FHA.

It is still a great time for a mortgage whether you a buying a new home or refinancing.