1.) do not be in high rent apartment, compromise, save your money.
2.) Do not expect to buy your dream home in your first purchase.
3.) Cut your budgets on everything and keep your mind on your goal.
4.) Pool all your savings and retirement funds; that can be used for the purchase of a primary residence without penalty.
5.) Your first purchase is a co-op; closings costs are cheaper and will be easier to resell if you buy into the right building. A condo if it becomes full of investors, owners renting them out, will not be saleable.
6.) If you bought the right apartment in the right neighborhood, make some improvements and sell at a profit. That is TAX FREE money towards your bigger down payment.
I have client who bought & sold three apartments before she settled into her dream house. She bought filthy, dirty apartments that did not show well, but they were in great buildings in good locations. All she did was clean, scrub and wash the windows in her first apartment. That was in 2007, she made $50,000 profit, the next apartment she made over $100,000 profit,.... by 2012 she had $400,000 for a down payment on a two family in Lefferts Gardens....she is staying put for a while now.
Kathryn Lilly, Broker'
Realty on the Greene, LLC
Also for FHA loans certain Charitable Organizations can provide a gift of down payment in additional to other individuals.
If you like to discuss my contact information is given below.
Sanjeev Ahuja, NMLS #148731
Home Funding LLC
110 Jericho Turnpike Ste 214
Floral Park, NY 11001
Direct Phone 917-517-2552
NYS Registered Mortgage Broker, Dept of Financial Services, Loans arranged through third parties (NMLS # 885573)
Keep calling until you get someone who understands these types of programs and how to lend in conjunction with them.
Check city and county websites for information, as they may have programs for low or moderate income buyers and/or first time buyers.
Be prepared to attend a class and/or interview with a home counselor or administrator of the program.
I don't know your area, but I do think there should be something out there for which you may qualify.