You can, but you might think twice. Is this $3,000 all you have saved up? Besides a down payment, you will have some closing cost even if the seller is willing to pay most. Inspections, phycial move of your stuff not to mention insurance and other fees.
The idea is you purchase a home and your mortgage (including taxes and insurance) per month is about the same as what your paying for rent. After you purchase, you would have at min 6 months of funds saved for emergencies.
Good news, prices are starting to go up..but very slowly. Interest rates are at record lows, but not expected to go up much over the next year or so. In other words, you have some time to save more money and get better prepared for a home purchase. Have you gotten prequalified for a mortgage? Visit my resource page on my web site. There, I have a list of great lenders that assist 1st time buyer. Let me know what else I can do to help you!
Bernstein Realty, Inc.