6. Seller-carried second mortgages. Some banks will allow you to have as little as 5% into a home purchase, but will then only loan you 80%. The seller can take payments on a second mortgage from you for other 15%.

7. State housing programs. Almost all states have some sort of financing help in form of a loan-guarantee program or outright loans for low-income buyers.

8. Family loans. It may not be out of charity that a brother or a friend lends you money to buy a home. A 7% return might look awfully good if their money is sitting in bank at 2%.

9. Manufacturer loans. Some manufactured-home companies are arranging financing with 5% or less down for their buyers. They must feel their money is secure, since a good modular on a piece of property is nothing like a mobile home on a rental lot.

10. Credit cards. This is a risky one, but if you have a low-interest credit card, you can use it to come up with downpayment, especially if you can pay it off soon with a coming tax refund, for example. Banks generally won't allow this, but you can combine this with seller financing.

Are there more ways to approach real estate financing? You bet. This was just to get you thinking.

You also have no monthly payments to make. Granted, amount you owe continues to grow larger over time but you also have more cash on hand to enhance quality of your current lifestyle. Look at it this way, you will now have all money you need (and want). After all, it’s your money. True, you won’t have full selling price of your home to leave your loved ones but if they’re financially sound in their own right, do they really need a substantial inheritance?

Furthermore with new found cash, you could re-invest into other income-generating streams such as stock and option trading. But that would be another story with its own pros and cons.

It all comes down to what’s important to you, what your current financial needs are and if leaving money to heirs is something you feel you need or want to do.

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