Let's look at some options. First, you can expect strict approval of your loan application in all cases. This means that you will need to provide detailed documentation about housing costs, income, assets, and debts.

Federal law requires that lenders prove to regulators they have followed eight loan approval criteria to verify their ability to repay the loan.

Fannie Mae & Freddie Mac Three percent down

Fannie Mae, Freddie Mac, and others aren't lenders. However, they do buy loans from lenders to ensure that they can continue making loans. As a result, lenders can take greater risks with creditworthy borrowers who may be short of cash.

A Fannie/Freddie loan program that many lenders use is the one that allows first-time buyers (or buyers who haven't owned a house in the last three years) to pay just 3 percent on loans up to $417,000, which equals to a home price of up to $430,000.

You can pay the down payment with family gift funds or your own money. However, you must still live in the house you are buying and continue to pay the mortgage insurance. After attaining 22 percent equity in your home and paying down your loan, the mortgage insurance can be canceled.

FHA Three Point Five Percent Down

Like Fannie and Freddie, the Federal Housing Administration does not make loans but guarantees them to lenders. This makes lenders more open to taking on lower down payments borrowers.

An FHA loan allows you to get a loan up to 3.5 percent down. However, it will require higher-priced mortgage insurance than the Fannie or Freddie programs. In addition, the qualification guidelines for FHA loans are more stringent, particularly regarding the required reserves that must be left after closing.

FHA loans were the most sought-after low-down loan option immediately after the crisis. However, other options can be used which are more advantageous for borrowers and less risky for lenders.

VA Hundred Percent Financing

The Veteran's Administration (VA), which is not a lender, does not make loans. However, it guarantees them to lenders. This makes lenders more likely to take on lower down payments to borrowers.

VA loans allow you to finance up to 100 percent of the home's worth with no mortgage insurance.

You can also finance the majority of your closing costs with VA loans, such as appraisals, title insurance, title insurance, lender origination fees, recording fees, and survey fees. These are the majority of closing costs for most home purchases.

You must be a U.S. citizen or a family member who has served in the military.

Programs For One Percent Down

QuickenLoans is leading the charge in this new product. They have enhanced the Fannie/Freddie three percent down programs and added their own guidelines to the QuickenLoans product.

You must have a minimum credit score of 680 and a lower income than the area median. Then, you might be eligible for a lender grant to the remaining two percent. This grants you three percent equity, even though you have only paid one percent.

To determine your eligibility, you will need to complete a qualification process.

How To Find Low Down Payments Programs

Low-down programs come with lots of fine print. It is best to fill out a complete profile with a lender to see if you are eligible. Although you can meet with a lender for an initial conversation to establish basic eligibility, the loan approval guidelines for all these programs are very strict. It's best to locate a local lender to get pre-approved to determine what loans you may be eligible for.