<prompt> Human: EDIT: I should have said, How bad of an idea is it?So long story short. My wife and I are paying too much for rent, this place is 50 over the maximum I was comfortable paying, but we were in a rush and this place is super awesome. The downside is we have lost a good chunk of savings over the past 9 months.So I can easily pay the 500-800mo mortgage additional 100mo PMI. I worry that trying to buy a house with nothing down is either impossible, or will have horrible financial implications later on that I am unaware of.I am a member of USAA, would the best course of action be to contact them and see what kind of mortgage I could get?Or should I just try to find a place to rent that is more affordable for a few years to build up savings to buy the house?  <response>: This is a terrible idea.First, youre going to have a very hard time finding a lender that will give you a mortgage with 0 down... and even if you did, youre setting yourself up for a really crappy financial situation when you consider the PMI payments, negative equity, and higher interest rate associated with this type of scenario.Also keep in mind that there is much more to a house than just the mortgage and PMI. You also have to pay closing costs, annual property taxes, homeowners insurance, monthly utilities, maintenancerepairs... and possibly HOA fees depending on where you live.TL;DR Buying a house will not solve your financial problems. If anything, itll make them worse. Either increase your income so your current place is more affordable, or find somewhere cheaper to rent. 