The hardest part of buying a home can be saving for the down payment. A 20% down payment can easily be $30,000-$50,000 on a modest home purchase and while that is ideal, it is often not possible to come up with. Is there a solution for affording your dream home? One possibility is a zero-down mortgage.

A zero-down mortgage is a loan that covers the entire purchase price of the home. This frees up funds for your home search and provides an easier way to secure a loan. A conventional mortgage generally requires a down payment between 5% and 20% of the home's selling price. A zero-down mortgage is a great option for someone wanting to get in a home quickly while paying down other debt as well.

While this option may be hard to find, there are two options for zero-down mortgages: A VA Home Loan from the U.S. Department of Veterans Affairs, and a USDA loan from the U.S. Department of Agriculture. • VA loans don't require private mortgage insurance and have low closing costs, in addition to not requiring a down payment. To qualify, you'll need a Certificate of Eligibility from the VA, have a good credit score, and meet the requirements for income. This loan isn't completely free, though: You could pay a 1 percent loan origination fee and costs relating to the purchase (such as appraisal and inspection fees). The main requirement for the property is that the selling price isn't higher than the appraisal price.

• USDA loans offer low interest rates for low- to moderate-income potential home buyers with good credit looking to buy a home in designated rural areas. The two most popular USDA loans are Single Family Direct Home Loans (designed for low- to very-low income applicants) and Single Family Guaranteed Home Loans (designed for low- to moderate-income applicants).

For USDA Single Family Direct Home Loans, the property generally has to be 2,000 square feet or less, can't have an in-ground swimming pool, and can't be designed for income-producing activities. USDA Single Family Guaranteed Home Loans have few requirements other than the property existing in an eligible area, and the home has to be occupied by the applicant as their primary residence.

As with all things, check your pros and cons: there may be a down side to a zero-down mortgage... For VA Loans, your interest rate may be higher than a conventional loan. For USDA loans, private mortgage insurance may be required, which is a monthly payment between 0.5 and 1 percent of the loan. However, for those with bad credit, neither of these options will work.

If you are looking for some options to buy in the Taos or Angel Fire areas, highly qualified Brokers at New Mexico Mountain Properties are ready to assist you.

In Taos, call 575-758-5852 to find that special Taos Pueblo style adobe home for sale. Perhaps a Taos condo in the heart town may be more to your liking or property closer to the Taos Ski Valley may better suit your plans. We can help you choose the right location for your lifestyle and your needs. Our Brokers will be there every step of the way!

If you are looking for property in Angel Fire, call 575-377-2626 and our Angel Fire Brokers can help you choose an area of town that is perfect for you! If you qualify for a VA loan and are interested in an Angel Fire home or a condo for sale in Angel Fire, you must visit the beautiful Veteran's Memorial and Memorial Hospital that is under construction. Veterans are an integral part of and our Angel Fire community. We are very involved in honoring our service men and women. Look for our Angel Fire office off Highway 64 beside the Native American tipi at the blinking light. We look forward to serving you!