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[quote=Anonymous]If you can't build up your savings beyond 15k with your current rent then you need to downgrade your rental and live more modestly while you save up for the down payment. When people refer to eat tuna fish sandwiches for lunch for years and squeezing their family into a small apartment to save up for their downpayment - that's what they're referring to. It's what you're supposed to do - live well below your means, save up, then buy.

I know it's not popular in the DC metro area - people seem to spend the max on rent + eat out for lunch every day - but you just simply won't be able to buy a home with less than 3% down and no money for close costs.

If you want to avoid a FHA loan & the PMI that comes with it, our realtor told us 10% is the required minimum for a normal loan and our credit union can work with us on that. So we're saving up for 10% + 15k for closing costs plus other general savings that may be needed for repairs, furnishing a basement, etc.

Good luck OP![/quote]

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