If you are considering renting vs buying, try this rent payment vs mortgage calculator from Freddie Mac. There are some loan programs with no down payment, however most first time home buyers will be putting at least 3.5% to 5% of the purchase price towards their down payment with an FHA or conventional loan. Monthly mortgage payments typically should be less than 28% of your monthly income or total cost of home should be no more than 3 or 4 times your annual income.
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