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Affordability is a big issue for renters looking toward homeownership. Beyond the purchase price, putting together a 20 percent down payment is a big roadblock for many people.

It doesnt have to be, however. While 80 percent of millennial renters say they cant afford to buy a house, according to an Apartment List survey, there are various options that they may not be aware of.

Youve probably heard of Federal Housing Administration (FHA) and United States Department of Veterans Affairs (VA) loans, and of Fannie Mae, a government agency that backs mortgages, but there are other programs to help buyer into their first home.

FHA / VA / Fannie
FHA loans are insured to give lenders a layer of protection if you default on the mortgage. They typically have competitive interest rates, smaller down payments and lower closing costs than conventional loans. A low credit score can still warrant only a 3.5 percent down payment.

The VA guarantees home loans that help active military members, veterans and surviving spouses. VA loans dont require a down payment or minimum credit score.

Fannie Mae and Freddie Mac are government-sponsored entities that back home loans for low- and moderate-income families. Down payments can be as low as 3 percent.

USDA Loan
The U.S. Department of Agriculture, or USDA, focuses on homes in rural areas and guarantees the home loan. Borrowers dont have to buy or run a farm.

A credit score of 640 or higher typically gets an applicant streamlined processing. A lower score is allowed but may require extra documentation about payment history.

Good Neighbor Next Door
This program sponsored by the U.S. Department of Housing and Urban Development helps law enforcement officers, firefighters, emergency medical technicians and K-12 grade teachers buy homes.

A 50 percent discount off a homes listed price is available through the program in areas labeled “revitalization areas.” Buyers must commit to living in the home for at least 36 months.

FHA Section 203(k)
If a fixer-upper fits more easily into your budget, a Section 203(k) rehabilitation program loan thats backed by FHA can help. It considers the value of the home after youve made improvements, and lets you borrow the money for these fixes, rolling it into your mortgage. The down payment can be as low as 3 percent.

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Icons and superheroes go in and out of style, so decorating your kids rooms to reflect their current favorite may not be the best idea. Decorators suggest using timeless themes and practical ideas to make their spaces cheerful and organized:

• Start with color ” Choose a favorite, preferably a soothing one, to help your child ease into sleep. Consider painting one wall in chalkboard paint, ready for years of artistic expression.
• Use cool family art ” Choose a favorite family, vacation, or kid photo and blow it up to large standard frame size at an office supply store. Then cut it evenly into thirds or fourths vertically, frame each one, and hang them side by side as separate pieces separated by just an inch or two.
• Make it a gallery ” String wire from one wall to another, just high enough for you to reach, to hold a changing display of your childs drawings. Or frame the drawings in standard acrylic frames that can be changed as new masterpieces emerge.
• Try dresser magic ” Perk up a drab white dresser inexpensively by tying a length of colorful ribbon into a bow around each of the knobs.
• Create a reading nook ” Make it an inviting place for shared reading with a bookcase full of books, soft lighting, and seating comfy enough for cuddling.
• Add maxi–storage ” A rack of colorful, stacked bins from the local home store is better than a toy box for storing trucks, games, building blocks, and other large toys.
• And mini-storage ” A multi-pocketed shoe organizer hung from one wall is a great place to stash mini action figures, Hot Wheels cars, hair goodies, and other small treasures.
• Stock cubbies or a shelf with art supplies ” Keep it full of construction paper, markers, poster board, and other supplies your kid may need for school projects.
• Create a play space ” Kids love to play dress-up. Find an old trunk and fill it with vintage clothing and hats they can use to put on a show.

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If you’re redesigning your living space, you know that your options are endless. From color schematics to feng shui, there are myriad ways to set up your home. Below are five pro design tips to keep in mind.

Eye-level art. Do you want your walls to look like a gallery? Hangthings gallery-style, at around 57 inches”the average eye level of most people.

Don’t crowd. From art to furniture to collectibles, people tend to overcrowd their spaces. Choose a centerpiece for your room (a bright couch or snazzy light fixture), and then build around it selectively. Invest more money in a few great pieces and give them breathing room.

Rug it right. Area rugs can be a great tool for tying your design scheme together; however, where you place the furniture in relation to the rug matters. The three best ways to do this are: all off, with your furniture bordering your rug (best for smaller area rugs); all on, with all legs and arms of your furniture on the rug; and front on, with the front legs of your furniture on the rug and the back legs off for a fluid look that can open up your space. Choose one of these options and stick to it.

Customize for your needs. Have an open corner of the kitchen? Don’t feel pressured to fill it up with kitchen kitsch. Add a cozy love seat for a reading nook, transform it into a mini at-home office, or set up a small play space for your kids. Feel free to think past typical room designations and create a space that best fits your needs.

Layer the light. Don’t stop at overhead lights. Adding many light options such as floor lamps, accent lights or recessed lighting can give you different options depending on mood, time of day and function.

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As new homeowners will learn, borrowers need to provide their lender with proof of homeowners insurance for the full value of the property (usually the purchase price) in order to be approved for the loan.

Typically, the standard insurance policy protects your new property and some possessions against damage or theft. But what, specifically, will it cover?

Limited Damage to the Homes Interior and Exterior
Your insurer will compensate you for repairs or rebuilding costs resulting from fire, hurricanes, lightning, vandalism or other covered disasters. Damage that is the result of floods, earthquakes and/or poor home maintenance is generally not covered unless you have purchased riders for that protection.

Loss or Damage to Personal Belongings
Clothing, furniture, appliances and most other home contents are covered if they are destroyed in an insured disaster. You can even get “off-premises” coverage that enables you to file a claim for lost jewelry, for example, no matter where you lost it. But there may be limits on the amount of protection.

According to the Insurance Information Institute, most insurance companies provide coverage for 50 to 70 percent of the amount of insurance you have on the structure of your home. If your house is insured for $200,000, there might be $140,000 worth of coverage for possessions. If you own expensive art or jewelry, and provide proof of their value, you can purchase a floater policy to fully insure them.

Personal Liability
Liability coverage protects you from lawsuits filed by others. If your dog bites your neighbor, your insurer will pay her medical expenses. If your kid breaks her expensive vase, you can file a claim to reimburse her. And if the neighbor slips on the broken pieces and successfully sues for pain and suffering or lost wages, you’ll be covered for that, too. Experts recommend having at least $300,000 worth of coverage.

Lodging During Repair or Rebuilding
This coverage reimburses you for hotel rooms, meals and other costs you incur while waiting for your home to become habitable after a covered damage. Most policies impose daily or total limits unless you purchase additional coverage.

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A mortgage is likely the largest debt you will ever have to repay. The idea of having a mortgage hanging over your head for up to 30 years can feel daunting. With some sacrifices and discipline, you might be able to pay off your loan years ahead of schedule.

Make Extra Payments
Some mortgage lenders allow borrowers to make extra payments to repay their loans earlier. Some financial institutions accept additional payments at any time, while some dont accept extra payments at all, only accept them at specific times or charge penalties. Check with your lender.

If your financial institution will allow you to make extra payments, you could erase years from your repayment period. You can make an extra payment if you have additional funds from a bonus or the sale of property. If you mail an extra payment, include a note asking the company to apply it to the principal, not to the next months regular payment.

Another option is to make half of your regular payment every two weeks. That will result in 26 half payments, or 13 total payments, at the end of the year. Making one extra payment every year could help you pay off your mortgage several years ahead of schedule.

Find Extra Money in Your Budget
Making simple changes to your habits could help you save money to put toward your mortgage. For example, taking your lunch to work and making coffee at home instead of eating out and buying coffee on your way to work could help you save quite a bit of money over the course of a year.

Consider Refinancing or Downsizing
Refinancing your mortgage could help you pay it off sooner. Switching to a loan with a shorter term could lower your interest rate, which could save you thousands of dollars over the remainder of the repayment period.

If you are struggling to pay your mortgage, you might want to consider downsizing. If your kids have moved out, it doesnt make sense to make expensive mortgage payments for a house with empty bedrooms. Moving to a smaller home could save you a lot of money. You might even earn enough from the sale of your house to pay cash for a new, smaller one, thereby completely eliminating a mortgage.

Dont Get in Over Your Head
The best way to avoid being overwhelmed by a mortgage is to make careful decisions before you buy a house. Build an emergency fund to cover several months expenses. Pay off debt and save enough to make a significant down payment. Limit your mortgage payments to a relatively low percentage of your monthly income. If possible, opt for a mortgage with a shorter term to save money in the long run.

Work to Pay off Your Mortgage Early
The satisfaction of paying off a mortgage can be liberating. By making some changes to your lifestyle and setting small but reasonable goals, you may be able to repay your debt years ahead of schedule.

Published with permission from RISMedia.