Sometimes, what stands between you and your next home is not your income, your savings, or even the price of the property. Sometimes, it is simply a financing option you didn’t know existed.Today, I attended a Citibank meeting for REALTORS® and learned about several mortgage solutions that I think more home buyers and homeowners should know about.There are so many programs available for people who want to buy, move, or sell a home. The problem is that when we assume something is impossible, we often stop there. We don’t speak with a lender, we don’t ask whether there is another way to structure the purchase, and we don’t search for programs that may solve the exact problem standing in our way.That is why understanding your financing options before ruling out a home purchase can be so important.Here are a few examples I learned more about:**1. HomeRun Mortgage — as little as 3% down with no mortgage insurance**Citibank’s HomeRun Mortgage program can allow qualified buyers to purchase a home with as little as 3% down and without mortgage insurance, while still offering competitive interest rates.Eligibility is based on the borrower or the location of the property. According to the program requirements, either the property must be located in an eligible low- to moderate-income census tract, or the borrower’s household income must fall below the applicable income limit.For San Francisco, the income threshold presented at the meeting was up to $136,150 for a one-person household and $155,650 for a two-person household.This is a great example of why you should not automatically assume that buying a home requires 20% down. Depending on the borrower, property, and loan program, there may be options requiring substantially less cash upfront.**2. Buying a home for a parent may qualify for different financing**Another interesting option is a Family Member Second Home Mortgage.If you are purchasing a property for a parent, the loan may potentially be structured more favorably than a traditional second-home or investment-property mortgage. Depending on the specific circumstances and lender guidelines, you may be able to qualify for financing with a lower down payment and more competitive terms.This can be especially important in the Bay Area, where helping a parent purchase or relocate into a home can otherwise require a significant amount of cash.Instead of immediately assuming, “This will be considered a second home, so I need a huge down payment,” it is worth asking a lender how the property may actually be classified.**3. Buying your next home before selling your current one**This was another situation I found particularly interesting.Imagine that you already own a home with a mortgage and you want to purchase another property. You can afford the next home, but when the lender calculates both housing payments, your debt-to-income ratio becomes too high to qualify.Many homeowners assume that means they must sell their current property first and only then start shopping for the next one.But there may be financing strategies that allow a lender, under specific circumstances and underwriting requirements, to treat the debt on the departing residence differently once the home is listed for sale.The exact requirements matter, so this is something that needs to be discussed directly with a qualified lender. But the bigger lesson is important: **“I don’t qualify” does not always mean there is no solution. Sometimes it means you have not yet found the right financing structure.**Citibank also offers up to a **$7,500 closing cost credit for qualified borrowers**, which could potentially help reduce some of the upfront costs associated with purchasing a home.And these are only a few examples.There are first-time home buyer programs, low-down-payment mortgages, closing cost assistance programs, financing solutions for family members, and different ways lenders may structure a purchase depending on your existing real estate, income, assets, and long-term plans.We don’t know what we don’t know.Before deciding that you cannot buy because you do not have 20% down, because you already own another property, because you are purchasing a home for a parent, or because the numbers initially do not seem to work, talk to someone who understands the available options.If you are thinking about buying or selling a home in San Francisco or elsewhere in the Bay Area but there is one financial obstacle making you think it may not be possible, message me. I may not be the person who can answer every financing question, but I can connect you with the right professionals and help you figure out what questions you should be asking before you rule out the opportunity.