Just a reminder that it matters to the lender where the down payment money is coming from. Lenders expect first-time buyers to get help from family to buy a home, so there may be limits to the size or percentage of the down payment gift that the lender will allow. Down payment assistance can also come from grants. The FHA no longer allows seller-assisted down payments, but does provide a link to national organizations that may be of help. Also, check your local housing authority to see if there are grants available in your area. Talk to your lender before you make an offer. Get pre-qualified, and be up front about the source of your down payment money. A good lender will explain the true costs of borrowing to you so you can comfortably afford the home you want as well as the monthly payments.
I am Valerie Bomberger ABR RE/MAX Harbor Country, if you have questions on Down Payments, Mortgages or any part of the home buying please check out my website Buyers Advice Pages dedicated to helping Buyers find the right home.