You need a really big down payment

•  There are lots of loan programs available with as little as 3%-5% down payments

•  There are often down-payment assistance programs available for first-time buyers and others, so you might need as little as $1000 down

•  Many loan programs allow family to gift you funds for down payment

If you qualify for VA benefits, you can buy with no down payment

You need to be out of debt

•  Being debt free is not a requirement for getting a loan—most home buyers also have significant other debts

•  You might be surprised how much home loan you can qualify for based on your debt-to-income ratio, even with your current debt

A lender can show you how to strategically pay down your debt to improve your buying power

You need to have perfect credit

•  Great home loans are available even for people with imperfect credit

•  A few late or missed payments in your past probably won’t be a problem

•  Even bigger issues, like past collections, foreclosure, or bankruptcy, don’t necessarily disqualify you from buying a home

A lender can show you how to improve your credit score to qualify for more loan options

You need to be set in your career

•  You can probably qualify to buy a home if you have a steady job, even if it isn’t the one you are working toward or planning to have forever

•  You are completely free to change jobs whenever you want once you own your home

You can be building equity now while you are studying and working toward the career you really want

You need to have a family

•  Owning a home is a great investment for everyone—single, married, or with a family—because you have to pay to live somewhere, and the value you own will go up over time

•  The freedom to control your own space instead of throwing away money on rent makes sense even if you expect your housing needs to change later

•  You can buy what makes sense for this stage of life without being stuck in it forever—you can sell this one and use the equity to buy what you want later, or maybe you can keep it and rent it out as an additional source of income

You need to start at the top

•  You probably have a pretty good idea of the kind of home you want to live in someday, but it doesn’t make sense to wait to buy until you can afford it

You can probably get to your long-term goal faster by starting small, improving and paying down what you have, and then moving up