Do you have decent credit, a good job, and want to buy a home, but don’t have enough money for a 10 or even 5 percent down payment? Well, there may be some hope.

Recently, we got backing for conventional mortgages with down payments as low as 3 percent.

Currently, these borrowers turn to Federal Housing Association (FHA) mortgages, but FHA loans come with downsides, like a requirement to carry expensive insurance premiums for the life of the loan. As such, getting a conventional loan with 3 percent down would be a welcomed alternative.

The insurance premium for FHA mortgages is 1.75 percent up front, which normally gets added to the loan balance, and 1.55 per year. So, to make that clear, on a $100,000 mortgage, you would pay $1,750 at the time you take out the mortgage and $1,550 per year ($129 per month) every year thereafter. On a $200,000 mortgage, double that.

An important advantage to a conventional loan is that, although it will take several years to get there, the insurance premium on the conventional mortgage will eventually go away. Once you get to 78 percent loan-to-property value, it falls off. But as for FHA loan, the rules dictate you pay it for the life of the loan. To get rid of it you need to sell or refinance.