• 100% Financing - This allows homebuyers with excellent credit to finance the entire purchase price of the home without any requirement for a down payment. The major drawback to this program is that it carries a fairly high interest rate.

• 5% cash back mortgage - It is also possible to get a mortgage which will give you a 5% cash back on closing. This 5% can then be used for the down payment eliminating the need for you to come up with the 5% yourself. This can be a great program for those who have their money tied up in other investments, but still want to take advantage of the benefits that come with home ownership. The mortgage rate for this product is usually about 1.5-2% higher than the current markets lowest mortgage rate.

• Borrowed down payment - Homebuyers with excellent credit are now able to borrow their down payment from a line of credit, or credit card. As long as the monthly payment on the borrowed funds can be verified. For example, as mortgage lenders are unable to verify money borrowed from friends or family members, these borrowed sources are not accepted. The down payment can however be gifted from an immediate family member and all that is required is they fill out a form, or type up a letter stating that the money is a gift and does not need to be paid back.