If you're thinking about buying a home, how much you'll be able to afford as a downpayment is probably one of the first things you consider. A downpayment is the amount of money you pay upfront, which equates to the initial equity you have in the home. In almost every case, the bigger your downpayment, the less you'll have to spend on the rest of your loan. A 20% downpayment will get you the best conventional rates on the market, with no mortgage insurance to worry about. That means if your new house costs $200,000, you'd need $40,000 upfront to cover that 20% downpayment.

Yeah, you read that right. It's a lot of money. There are, however, many mortgage products available to those who can't shell out that kind of cash. FHA, VA, HARP, and USDA loans are all loan programs that allow you to make smaller downpayments. The caveat is that they all require you to pay mortgage insurance as well. In addition, these loan types are only available to certain people who qualify. For example, the VA loan is for veterans and others with specific military ties and the USDA loan is for those living in rural areas who meet specific criteria.

Fortunately there are around 2,300 downpayment assistance programs. The companies who provide these programs can people who are in need and meet certain income, location, and occupational requirements. Many young adults are not aware of these programs even though they are the main beneficiaries.

If the downpayment is what's stopping you from purchasing your new home, take a look at these three programs as well as the ones mentioned above, and see if you can get some assistance or a lower downpayment.

1. Home Investment Partnerships Program The U.S. Department of Housing and Urban Development (HUD) provides this program, which gives federal block grants to state and local governments to aid people in low-income housing. When the money is given, it is used to purchase, rehabilitate, and sell homes to people of low income. These loans come with a 3% downpayment option and very few strings attached.

2. American Dream Downpayment Initiative This program is also through HUD. Instead of individual loans, this program gives assistant to making the downpayment itself. Certain careers are tied to this initiative: policemen, firemen, sanitation, maintenance workers, and teachers. It is also available to low income families.

3. Local bond programsThere are many state, county, and city programs that can help you afford the downpayment and become a homeowner. Sit down with your lender and ask about what programs are available in your area. If you're a first-time homebuyer, there will most likely be something out there that fits your needs.