If you are unable to go with 100% financing for your new property purchase, here are a few ideas you might look into to come up with a down payment.
Many cities and government agencies have downpayment assistance programs available to new homebuyers. Contact your local agencies and inquire about grants and other programs that may be available in your area.
If you are buying your first home as a married couple you can "register" for down payment help as one of your wedding presents. People can donate to a savings account in your name, then you use the money towards your down payment. Make sure you keep a register of who donated, how much, and their relationship to you. The register may not be necessary, however some lenders will want to make sure that anyone who contributed does not have any direct interest in the sale of the home you eventually buy
Another common strategy for coming up with a down payment for a home is to use your tax return money that you get back for your down payment money. Some people will save this up for a couple of years, some will combine this money with other savings or you may be able to combine this with gift funds from a relative. There are many creative ways to come up with money for a down payment. Ask your mortgage consultant for ideas.
For first time buyers, it is important to meet with a mortgage professional in order to plan your home purchase. You may be able to borrow from a 401k or other retirement account. If you are a veteran, you may qualify for VA financing for 100% of the purchase price of a home. You may want to speak with close relatives about the possibility of gift funds for a down payment. Again, your mortgage professional can work with you to personalize a down payment plan.
Employer retirement funds: If you have a retirement plan through your employer such as a 401k, you might want to consider borrowing from it. Most 401k plans allow you to borrower against them for home buying reasons.
One of the key benefits of FHA loan programs is that 100% of your downpayment can come from a gift. Gift funds must be deposited into your own account, and must be from a relative, qualified charitable organization, and sometimes even your labor union.