It’s a great time to buy a home, so now is the time to start lining up resources to help you make a down payment. There’s plenty of assistance available if both you and the home you want to buy meet eligibility requirements.

While most programs are designed for first-time and/or low-income homebuyers, some are reserved for workforce personnel such as teachers, firefighters and police or for those who meet other criteria for the community.

According to TheMortgageReports.com, there are four types of down payment assistance:

• Grants which don’t have to be repaid
• Loans (second mortgages) that have to be repaid
• Loans (second mortgages) that can be deferred until the property is sold
• Loans (second mortgages) that are forgiven over a period of time

The gold standard in down payments is a minimum of 20 percent, but you can put as little as three percent down through Freddie Mac's Home Possible® or HomeOne federally guaranteed mortgages. You’ll have to pay private mortgage insurance until your home reaches 20 percent equity, either through making mortgage payments to reduce the principle, or through the increased market value of your home over time.

The Veterans Administration provides certificates of eligibility for veterans to present to their mortgage lender that may entitle them to a mortgage with little or no down payment required.

Check for assistance programs and grants in your state beginning with Hud.gov and FHA.com. These programs will typically require minimum credit scores of 580 and a 3.5 percent down payment.

If you’re buying or selling a home, the concept of fair market value is important. Each home, even if it were built identically to its neighbors, is unique. Variables such as physical condition, improvements or damages, location and overall desirability can each affect the perceived value of any property.

According to Smartasset.com, fair market value is the price a property would sell for in an open and competitive market where the buyer and seller each have adequate information of relevant facts. Buyers and sellers must act in their own interests and not be compelled by outside forces. They must agree to the price without coercion as well as give each other a reasonable time period to complete the transaction.

So how do buyers and sellers agree to fair market values? Since there’s no exact figure to begin with, most people rely on a lender’s appraisal of a given property. The appraisal utilizes information from tax records, recently recorded sales of properties, and comparable homes for sale as provided by the local real estate multiple listing service. Your Berkshire Hathaway HomeServices network professional can also provide you with a comparable market analysis of homes similar to yours based on recent closed sales, pending sales and current listing prices.

Keep in mind that these professionals are providing you with an educated starting point. You won’t know the true fair market value of your home until it’s offered on the open market and you reach an agreement with a willing buyer or seller.