President Clinton has pushed for a record 67.5 percent of Americans to own homes by 2000. Both will accept down payments of as little as 3 percent instead of the usual 10-20 percent. Down payments can be gifts, not earned funds. Fannie Mae will even let you put a down payment on a credit card. So will some borrowers, unless they remember that being able to pay a mortgage isn't the same as being able to afford a house.
Experts caution first-timers to figure in the added costs of taxes, repairs, maintenance.
Contributing Editor Jean Sherman Chatzky, a Money Magazine Editor, wrote The Rich and Famous Money Book. All rights reserved.