re: First time homebuyer

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The VAST majority of first time home buyers that are getting conventional financing are not putting 20% down like you alleged. You can be a first time home buyer and get conventional financing for as little as 3% down. You just have to pay the PMI.

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If you get a USDA loan, you don't have to put anything down, but not every area qualifies for USDA. You are probably good unless you are buying a house in the downtown of a big city or in a flood zone.

I got a $140,000 house for $120,000 on a USDA loan with closing costs and a 1 year $500 home warranty paid for by the seller.

I did have to spend about $8,000 in renovations though. I could probably flip the house right now and make at least a $20,000 profit.