<prompt> Human: Im 23, about to finish my masters, and Im moving in August to a new city. Im starting full-time with a public accounting firm and will gross about 59k a year. Im currently looking for a place to rent, but there really isnt a great selection. However, Ive found some very nice homes for sale in the 70-90k range. I dont quite have 20 for a down payment, so Ill have to pay PMI if I get a mortgage, but Im also really unsure that Ill be approved for a mortgage. Im going to have to pay rent either way, and the idea of wasting money on an apartment when I could be building equity in a home really gives me heartburn. Am I crazy to consider buying a home already? And will I even have a chance at getting approved for a mortgage?  <response>: Divorce yourself from the idea that renting is wasting money. That thought process gets far too many people in trouble. Renting gives you flexibility which is usually important early in ones career. Its not an issue of age. You likely wont be approved because you presumubly dont have the income history. 