Although cheaper prices and record-low mortgage rates have made homebuying increasingly attractive, tight lending standards continue to keep consumers on the sidelines. And while a beefed-up FICO score and documentation requirements may have slowed the process, it's the pile of cash needed to secure financing that prevents many would-be buyers from becoming homeowners.
"For first-time homebuyers, generally the biggest obstacle to buying a home is the ability to have a down payment," said Susan Dewey, executive director of the Virginia Housing Development Authority. Consumers struggling to come up with a sufficient down payment, however, may have more options than they realize, as government programs, existing assets and personal finance techniques can be used to obtain the capital.
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