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Here's what you should do and I know this answer isn't making you happy but it is the truth - wherever you're living now, if you can move to a cheaper place do so immediately and save the cost difference every month. Start saving as much as you can immediately and forever. Think of purchases as dead assets - I bet you never were taught that.
A dead asset is an asset that dies the moment you buy it. For example, you must have that flat screen TV? OK, it's worth half the minute you buy it. That's a dying asset. So is furniture, a car, etc. So before you buy anything, remember you're losing money the moment you buy it so do you really need it?
How about your credit debt? What's your credit score? Learn about that. Do NOT pay off and close credit cards - that will actually hurt your credit score but never ever have any more than 50% of what you're allowed charged on any card.
So can you buy a home with nothing down? Honestly, the only way is FHA and they require a small down payment. Should you buy ever with nothing down? No.
Will you lose an opportunity today? No, the market will be soft for a while longer. Slash your expenses and save as much as you can. You'll be surprised what you can accomplish in one year. Owning a home precariously is never a good idea.
All current Fed Gov loans.........http://www.govloans.gov/govloans_en.portal?_nfpb=true&_p
More resources worth reading and using.....http://www.fhaoutreach.gov/FHASelf/ ...http://portal.hud.gov/portal/page?_pageid=73,1827624&_da ...
Unless you are eligible for a VA loan, I don't know of any zero down payment options currently available. Depending on your income, you could check with the county in which you wish to purchase a home and see if you would be eligible for a grant that you could use as a down payment. FHA requires that you have a down payment of at least 3.5%. Before you start looking at homes you should contact a mortgage lender as they would be able to provide you with more and better information than I could. Good luck.