One loan type that is commonly used when purchasing a property is a VA Loan.  Its wonderful for those eligible, as it allows for 0% down payment pending preapproval thru a reputable lender. 

We received notice from the lenders we work with that VA Loan limits for 2015 will be brought down from the current $692,500 to $625,000. . . . that's a $67,000 drop!  It does not mean that you cannot buy a home using a VA Loan over $625,000, but it does mean you will need to make a significant down payment starting for any contracts January 1, 2015. 

Here's an example:

To calculate the down payment on a VA Loan with a price over $625,000, take 25% of the difference between the sales price and $625,000.  Say you want to buy a $700,000 property. . . . the down payment using the above calculations would be $18,625.  VA Loans continue to be a great way to buy a property and I'm sure any lender would agree that even with the upcoming change in limits, it is still a better down payment number than any other conventional loan type. 

Since we are realtors and not lenders, please contact us to connect you with an experienced lender should you have further questions.  They can best determine your best option for purchasing.  Any loan preapproval is based on a mortgage application and financial information submitted confidentially to a lender.