When paying points, you should determine how long it will take to get the points money back through lower interest rates. Thus, if you sell the home before 33 months have transpired, then you wasted money in points. Paying points makes sense if you're going to be in the house for many years. Do you have enough money to cover your mortgage and other expenses for at least 3 months. If you do not have sufficient cash to cover expenses for at least 3 months, then delay buying the home until you have saved more money.
Many young people get cash for a down payment from a relative.
It may be a concern to lenders if the buyer cannot raise a down payment on his own. The longer you have the money in your bank account, rather than your rich aunt's bank account, the better your position will be when you apply for the loan. This is often a requirement for private mortgage insurance. One of the first steps of the loan process is for the lender to obtain copies of the buyer's credit report. If have not cared about your credit report in the past, then start caring now.