I am a Realtor and a property manager and would like to help you. I have been in Real Estate in Houston for 42 years with 2 years in Austin during the oil bust here. Now that was a nightmare. All the properties that went down came back again. As long as your rent is close to covering your payment then you should hang on. Ask the person that you bank with what they offer in mortgages or call the mortgage person at Chase Bank and get prequalified and you will know the real answer on how much to spend. Some areas are hot, like Katy, Texas. My accountant asked me how I liked gas at below $2.00 and I said I spent $3.79 yesterday and he said " No Mary , I am talking about natural gas; he said it has never been this low. " I own no land but I own what is under the land and I don't even mow it. There are going to be some bargains. I like Wharton, Texas because my Aunt was the tax assessor there. I don't know beans about Wharton so I can refer you to an agent in our office who lives there.Please contact me at email@example.com. The original question answered is yes you can get another house with a little down.