Editor’s note: This is a transcript of the audio file.

Call it the Bank of Mom and Dad. That’s when parents help you buy your first house. For a lot of buyers nowadays, the Bank of Mom and Dad is closed. As a first-time homebuyer, how do you cope? I’m kristin arnold with your bankrate.com personal finance minute.

What do you do when your parents can’t help with the down payment on a home or the closing costs? You can do a combination of several things.

First, save the money. The key is to live on less than you earn, and save the rest.

If you’re not in a position to save tens of thousands of dollars, there are other ways to buy a house without mom and dad’s help. An F-H-A loan requires a down payment of as little as three and a half percent.

Another option is to get a loan with private mortgage insurance. A loan with P-M-I might require a down payment of five or ten percent.

Or you can get help from your state or local housing agency. These agencies give loans and grants of down payment money. But you have to qualify.

Still, in today’s housing landscape, you’ll need some money of your own. to learn more about buying a home, visit bankrate.com. i’m kristin arnold.