How much more preaching, screaming and blogging do I have to do?  Ok listen up 1st time buyers because this will hopefully bring the message home, again.  Play along here.  Your looking at the new cool apartment to finally get you on the road to independence.  You just spoke with the Landlord, you agree with the rent of $875.00 and you have your security deposit and first months rent ready to be handed over.  You just can't wait to set up your new apartment and make your landlord wealthy.  Now think about this, lets assume real estate taxes at $300.00 per month, $25.00 a month for home insurance and $40.00 for monthly mortgage insurance.  That leaves $510.00, now lets use that on a 5% fixed rate 30 year mortgage.  That will support a loan of $95,000 meaning you can buy a home for about $98,000 keeping the same $875.00 per month payment ( Am I starting to make sense here?).  That would be a downpayment of about $3,430, your only $1,680 away from what was in your pocket for rent and security deposit!  Oh by the way, the balance can be given to you as a gift!  And if your income is under 75k your going to get a tax credit of $8,000 (which can be amended and applied in the same year you buy).  WE HAVE NO IDEA WHEN THIS CREDIT MAY GO BYE BYE, DON'T BLOW A GREAT OPPORTUNITY TO BUY.  Shake your potential Landlords hand and tell her you just had an epiphany (or tell her you just read my blog) and call me to get pre-approved.  Or just visit www.centerpointemortgage.com/getpreapproved.  And by the way, I will also show you how to get your closing costs paid for!  But that is another blog, stay tuned.