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[quote=Anonymous]What is your credit score OP?  As others have mentioned, you can get a conventional loan with as little as 5% down.  If you, your spouse or your parents/in-laws are military or work for the DoD, you may be eligible to join Navy Federal Credit Union.  They have 100% financing on home loans.  Interest rates are a little higher (the last time I checked), but there's no PMI or mortgage insurance and you'd be able to get into a house.  Another option would be to buy a new build in the suburbs.  Typically the builders have preferred lenders who offer FHA loans, 5% down, etc.  and offer incentives (finished basements, closing costs paid, etc) to get you into the home.  Of course, the builder is motivated to sell you whatever they can, but in my experience the lender won't give you a mortgage you're not qualified for, which isn't the same as what you can afford.

I'm a dc native and work in biglaw (with student loans from law school), but I quickly came to the realization that buying a forever home now was more important than saving 120k+ for a down payment, especially in my tax bracket.  So we're going with a new build in the MD suburbs and 5% conventional loan.  Our PITI will be cheaper than my rent on my dc apartment.  [/quote]

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