Two government loan programs, VA (for qualified military) and USDA (annual income <$118,450 for 1-4 person households and $156,350 for 5-8 persons) are available with no money down. Certain neighborhoods qualify until March 27, 2013 for the USDA loans. These include:
The Waianae Coast
Hula Mae loans are also available with a 3% down payment.
With interest rates below 4%, now is the perfect time to move into a new home, whether it is bigger, smaller, or closer to work or school. The payment on a new mortgage could be the same or close to what you're paying for rent.