Good news -- it won't be a problem if you don't have a 20% down payment.  Some people think that you need a 20% down payment these days, since financing guidelines have become so much more restrictive over the past year or two.  That's simply not the case.

The FHA loan program is an excellent example of a low down payment loan option that many buyers are using these days.  You can purchase a home with as little as 3.5% of the purchase price as a down payment.  Furthermore, your closing costs and/or your down payment can be a gift.

The VA loan program (available to qualified veterans, reservists, and active-duty service members) requires no down payment and your closing costs can be a gift.

For more information about FHA loans or VA loans, read more on the Government Loans section of Wells Fargo's web site.

Again -- remember -- you don't need a 20% down payment to buy a house these days.  If you'd like to talk more about your buying situation, feel free to contact me at 540-578-0102 or scott@HarrisonburgHousingToday.com.