‘Already, more new homes have sold in 2020 than did in all of 2019,’ one economist said

The numbers: Sales of new single-family homes in August exceeded an annual rate of 1 million for the first time since 2006, as buyers were forced into the market for newly-constructed properties thanks to the dearth of home listings.

Homeowners are asking for breaks on their mortgage payments in droves, as millions of Americans face the prospect of unemployment or reduced income because of the coronanvirus pandemic. But requesting forbearance on your mortgage isn’t foolproof.

The CARES Act stimulus package requires servicers to provide forbearance — a temporary postponement of payments — to any homeowner with a federally-backed mortgage. Americans with other mortgages may also be able to receive forbearance at their servicers’ discretion.

If you want to buy a house but don’t have a lot of money for a down payment, don’t lose heart. Your dream of homeownership is still attainable.

Homebuyers who can’t come up with big down-payment money have options. There are mortgagesavailable for a low down payment or even no down payment.

Check out five options for mortgages with little to no money down.

Mortgages with no down payment or a small one:

Department of Veterans Affairs

Navy Federal Credit Union

USDA

Buy private mortgage insurance

Federal Housing Administration

Preapproval is how much a lender is willing to lend you to purchase a home, based on your credit and financial strength. While preapproval is just an estimate of how much mortgage you can afford, it’s one of the most important steps in the home-buying process. With a preapproval letter in hand, you can demonstrate to any real estate agent that you have the ability to pay for a house he or she shows you. In fact, many real estate agents won’t let you place a bid on a home without preapproval.

Whether your family needs a bigger house or you scored a sweet new job and have to move or just crave a change of some sort, deciding to sell your house is a big decision. But preparing your house for the big sale can be a time-consuming and frustrating experience. If you want top dollar for your humble abode, you’ve got to spend hours inside and out, refreshing and updating the thing from top to bottom. (And yes, that means dropping some dough on any needed repairs, whether some rotten siding or a whole new HVAC system.)