Today, FHA will loan up to 97 percent of the purchase price of a home, meaning a borrower only needs 3 percent. The three percent down payment can come in the form of a gift, and closing costs can be financed into the loan, making this a true no money out of pocket purchase transaction.

Now, you may be thinking, I don't have anyone to gift me the money for a down payment, so what good does this do me?

Not to worry.

There are organizations that specialize in this kind of mortgage transaction. If you have a good mortgage professional, ask him or her about AmeriDream Inc. or the Nehemiah Corporation. Both of these companies offer gift down payments.

Don't worry about qualifying, if your credit isn't perfect. Unlike conforming lenders, who want good credit and other things that make qualifying for a mortgage difficult, FHA is not a credit score driven program. In fact, you can even have a bankruptcy on your credit and still get an FHA loan, along with a very good interest rate. (Your bankruptcy must be discharged for two years.)

Even if you have a very low credit score and other problems, like collections, you can still get the loan.

Just check with your mortgage professional, and a true no money down loan can be yours.