OK, I have been thinking about this a lot lately, and I'm sure there are a lot of people on the HTF who know about this sort of thing. At some point I'm going to have to stop throwing money into the rent hole and buy somewhere to live. What I'm wondering is, can I afford to do so? There have been threads here before on the topic, but none that really address my financial situation (see below). I live in the city so I'm more likely to buy a one bedroom apartment in a condominium building than anything. I know nothing about this process so I'm just looking for preliminary input. First of all, the bad news is that I have virtually no savings. However, I have absolutely no debt whatsoever. No student loans, and the balance on all of my credit cards is zero dollars. I make roughly $42K per year. What things do they take into account when applying for a mortgage? Are there options available to me to get a loan for a downpayment? I have been paying rent all my adult life, so I know about home ownership as much as a five year old. Thanks for any input.