For many people, wondering how to afford a home at all is an overwhelming question. But this is often due to misconceptions which keep the customer from knowing what to do.

With the right information you can set aside most of your concern about affording a down payment and financing a new home. The knowledgeable customer and the right Realtor can shift the focus from saving money to saving much worry.

Fannie Mae's National Housing Surveys reveal widespread assumptions holding back potential homeowners needlessly. One of the biggest is that buyers need 20 percent of the purchase price as a downpayment to purchase a home. But today, several specialized mortgage programs require little or no down payment.

A veteran's Administration (VA) Loan lets eligible military personnel finance up to 100 percent of a home, even if their credit is imperfect. An FHA Loan requires as little as 3 percent, as a downpayment.

There are also community lending programs that let homebuyers who meet local HUD median-income guidelines pay $500 or one percent of the purchase price, whichever is less. There are county and municipal grant funds that are also available to prospective buyers ranging from $1000-$25,000. These funds can be used for one or a combination of expenses (downpayment, closing cost, buydown etc.)

Additionally, mortgage products are available specifically for the self-employed and for those with bad credit scores. Another advantage to keep in mind is not just the discounts you can gain going into a home purchase, but the ones you can obtain from making the purchase itself - a significant number of those answering the Fannie Mae surveys didn't know that mortgage interest is tax deductible. That benefit can substantially relieve your financial concerns.

The surveys also found many people believe that mortgage lenders are legally required to give the best possible loan rates. Not so. Actually, many factors influence a range of rates offered by various lenders, so there's no substitute for shopping around and doing your homework.

Of course there is more than one way to make sure it gets done. Qualified professionals can lead you through the maze of options to the most efficient and economical solution for you. Your local real estate professional can help you determine your financial abilities and meet your financial needs.