I know a Mac forum(or any forum) is not the best place for home ownership advice but it's more of a fishing mission to hear people's experiences. We want to purchase our first home this year or the beginning of next(2010) so I want to start to gather as much information as possible. What's the deal with FHA and first time home buyers programs, are they worth it..what are the restrictions? From what I understand if we can't afford the 10-20% down payment we will have to have PMI. I'm assuming this is bad(Can't write it off etc..) but if it's the only option it's better than waiting for 5-7 years to save up the bug down payment I'm assuming? Our only debt is my car($350), student loans($250) and a personal loan that was used for school($350) plus normal bills(phone, cable).