Ways to leap over the down-payment hurdle.

By Holden Lewis • Bankrate.com

Today is a frustrating time for renters who want to buy homes but who haven't saved much for down payments. Mortgage rates are on the rise, houses aren't getting cheaper and it seems like time is running out.

"It would take me at least another year or two to save another $10,000 to $15,000, and, frankly, I want to purchase a house before the costs are out of reach," e-mails a reader from Long Island, where the median house price rose more than 20 percent last year.

He has more options than he realizes. There are myriad ways to leap the down-payment hurdle. Some strategies are for people who have some money saved up somewhere, and other strategies are for people who are practically broke.

It has been a long time since home buyers were required to come up with 20 percent down. Some lenders will lend 100 percent of the purchase price or even 103 percent. More commonly, lenders underwrite mortgages with 3 percent or 5 percent down. The question becomes: How do you come up with that 3 to 5 percent?

Gifts from the family, FHA type loans or a one time loan from your IRA.

Visit bankrate.com to learn more.

For area information of homes for sale go to http://www.beachhomesdaytona.com/