As Haig already said, You will never find a more affordable home. With interest rates at an all time historic low, and home prices at 15 year lows, the affordability to own is far greater than renting.
FHA home loans only require a 3.5% down payment while VA offers 100% financing for veterans. If you are a veteren, then I would strongly suggest utilizing your VA option. 100% financing with no mortgage insurance gives you the lowest possible payment and overall savings.
I would be happy to speak to you and go over your financial situation and the options you have to purchase your first home. I am a licensed loan officer for the State of Michigan with a national direct lender. We have access to any program available including FHA, VA, USDA, and Conventional home loans. Feel free to contact me at any time.
Joshua Lerette â€“ Sr. Loan Officer
Residential Finance Corporation
It is not unrealistic, but what do you consider a low monthly payment? With interest rates ridiculously low right now, payments are not going to be any cheaper than they are now.
Email me and I can send help you get qualified for an FHA or VA loan and you will see roughly what a monthly payment will be in the price range that you are comfortable.
My contact information is below.