Years ago, if you didn't have 20% down; you'd have trouble getting approved.

But not today.

The 5% down is the workhorse of the loan industry. Whether a Conforming loan (under $300,000) or a Jumbo (over $300,000), these 95% financing are the bread and butter of most lenders.

However, with such little down, the lender will safeguard its interests by being more cautious. How?

You'll need:

1. Reasonably good credit
2. Secure employment
3. Manageable debts - (credit cards, autos) -- not to exceed specific limits
4. PMI (Private Mortgage Insurance) - The monthly premium will be added to your house payment.
5. All loan applicants must occupy the property (no co-signors allowed).
6. All of the down payment has to be verified as yours (no gifts allowed).

Tons of these loans are approved daily. If you have no trouble meeting the basic guidelines mentioned above, your loan approval is waiting for you.