<prompt> Human: My wife and I are 23 and 21 respectively, and we are living in an apartment for 640 a month right now. This apartment complex isnt too great, and we want to move into a house so we can have our first baby. Were going to have money to put down on a home, and we live in a city with pretty mediocre or even shitty schools, Oklahoma City. So, to ensure the availability of a home in an area with nicer schools when our kids approach school age, I am looking at buying a cheaper home in a mediocre area perhaps between 60K and 75K, saving money for a few years, then buying a nicer home closer to the more ideal schools closer to the time our kids start school. Possible even using the FHA or another program and then saving my existing money to gather interest in some fashion.Here are some relevant details: - Were selling the house I grew up in, and that is being divided up between by two siblings and myself. Were getting about 30K-40K each, and I will be using a large part of that as a down payment for our home, or using a homebuyer assistance program to take care of the down payment and saving that money - Ideally my mortgage and insurancetaxes combined will be about 500-600 a month. - My wife and I both work right now, but I make enough to support us aloneThe main questions here are as follows: 1. Is there any major drawback to buying a cheaper home and selling it before paying it off? 2. How advisable would it be to use an FHA or similar program instead of my own money for the down payment?  <response>: Generally youll take it in the shorts with less than a 20 down payment-- not just due to PMI, but with market fluctuations you can suddenly find yourself owing 100K on a house thats only worth 80K. Its not a great position to be in, frankly. Im not sure that FHA changes that math any. 