You probably know that many Home Loan lenders prefer borrowers to have about 20% in cash saved for a down payment on a new home. But for a house valued at $200,000, that's a whopping $40,000! And most of us just don't have that type of cash in the bank. Fortunately, there are a few ways you can buy a house with no (or a low) down payment, such as:

GET A "SPECIAL" LOAN

Certain mortgage loans--like FHA loans or VA loans--are designed to help borrowers with very little cash available for a down payment. These government supported loans are available through most Home Loan lenders, so check with yours to see if they're a possibility. Some restrictions do apply. FHA loans, for example, set a limit on how much you can earn and how much the house can cost. VA loans are available only to veterans or veteran spouses that meet certain guidelines. However, if you do qualify for these loans, they tend to have lenient approval criteria, so they're available to folks with less-than-perfect credit.

GET A "PIGGYBACK" LOAN

If you don't have the 20% you need for a down payment, you may be able to get a "piggyback" loan from your lender. Essentially, you borrow the money for your down payment in a second, separate loan. Oftentimes, especially if your home is valued at more than the selling price, this loan is in the form of a Home Equity Loan or a Home Equity Line of Credit. Fortunately, in those cases, the interest on your "piggyback" loan is usually tax deductible.

OTHER SPECIAL CIRCUMSTANCES

If you meet certain criteria--such as income guidelines--you may qualify for special assistance from a state or local program. Ask your mortgage lender if he/she knows about any of these programs in your geographic area. If you have about 10% as a down payment, you can also get a loan if you agree to Private Mortgage Insurance (PMI), which costs an additional $60 or so per month. However, once the equity in your home reaches 20% of its value, you'll be permitted to drop the PMI. Here is a list of recommended Home Mortgage Lenders online. It's important to use a reputable lender online to make sure your personal information is secure.

Even if you don't have 20% saved for a down payment on a new home, there are lots of ways you can still get approved for a mortgage if you do a little digging.