A few years ago, it was easy for most buyers to borrow 100% of the purchase price of a home. Some borrowers even rolled the closing costs into their loans and borrowed 103%.

Today, those loans are gone.

The lowest down payment available today is a FHA loan with a minimum of 3% down.

FHA loans that close beginning January 1, 2009 will require 3.5% down.

So, if you are considering buying a home in the next month or two, you may want to consider going ahead and writing a contract with a quick closing in the next few weeks. Homes can easily be closed on in 3 weeks, and can close even quicker if you shorten inspection contingency deadlines.

If you do decide to wait, be prepared to bring a little more money to closing.