That's why if you're a first-time homebuyer seeking a low down payment loan, you'll save time by selecting a professional real estate agent, like me, who is experienced in working with people just like you in the area where you plan to buy. An agent like me, who frequently assists first-time buyers, knows from experience which lenders in the Wilmington, NC, area offer a low down-payment program that will most closely match your needs.

A professional real estate agent, like me, can help you determine whether you are likely to qualify for these special programs, since participation in some may be limited to buyers under a certain income level or for the purchase of homes below a certain purchase price. Additionally, your agent will be able to tell you whether there are other requirements you must fulfill in order to be considered.

It's important that your agent becomes familiar with your current financial situation. Before you meet with your agent to discuss your financial situation and housing needs, you'll want to collect some basic information to make the process easier. Be prepared to show recent paycheck stubs or pay vouchers to certify sources of income; a complete list of current credit card, auto and other consumer credit payments you make each month; and recent bank and savings statements. These documents will help you and your agent determine how much home you can afford. It's also important that you disclose any prior credit problems or late payments. Your agent may be able to suggest ways to remedy any negative remarks on your credit report that could disqualify you from a low down payment loan program.

In addition, because most lenders will require that you have several months of house payments in the bank as a reserve, your agent may be able to suggest ways you can increase your savings in the weeks and months leading up to your home purchase. Don't forget that some programs allow you to apply a cash gift from a family member to cover the required down payment and closing costs.

Your agent also may know a motivated seller who would be happy to assist you in accomplishing your home purchase by providing owner financing. In some cases, a second monthly payment is required to protect the lender when a down payment is less than the standard 20 percent of the loan amount. Even if your seller isn't willing to provide financing to complete the sale, he or she may be willing to pay your closing costs, which will reduce the amount of cash you need to have on hand up-front.

With interest rates edging up, innovative mortgage financing programs that require a low down-payment are even more important than ever to first-time buyers. A professional real estate agent can help you sift through the countless programs that are available and help find the one that’s right for you.