Talk to a loan officer, you may not need a huge down payment, FHA requries 3.5% only. Then do the math. I am working with a couple right now who are purchasing a two bedroom house. Their mortgage payment (with a sizeable down payment, but that is a choice) is going to be around $1200 for principal and interest. To rent the same house would cost around $1600 - $1700 per month, which means in this case it is cheaper to buy than to rent.
It is very wise to look at purchasing a home as a business decision. You are to be congratulated for that! Now, go do your research and then do the math. And by all means let us know what you find!
David Cooper ..Las Vegas Foreclosure Investor in Bank Owned REOs with Huge Cash Flows. Free Daily list
email or Call +1-7024997037. not a real estate investor