Courtney, there are special programs in place for veterans and purchases in rural developments that do not require any money down. However if you're going to go with FHA financing, you'll need to put down 3.5%, and 5% for a conventional loan. There is also additional closing costs associated with buying a home, but in some cases a good Realtor will be able to negotiate on your behalf to get the seller to pay for your closing costs. It is very important to work with a buyer's agent, and you should contact a local lender for preapproval. Often times if you can afford to rent, you'll be able to qualify to buy a home of your own!