<prompt> Human: I currently have enough of a down payment for an FHA loan but I was hoping to save for one more year to be able to pay off some student loans and save a 10 down payment. Homes in my area Salt Lake City are getting multiple offers on the first day or week that theyre listed since OctoberNovember of last year and its only getting worse. The low interest rates and low unemployment here is making the housing market feel like 2006-07 all over again.My wife and I have two kids that will be starting school next year and we are hoping that well be able to move into a neighborhood where theyll be able to stay for a while and were getting really cramped in our small two bedroom apartment that weve been living in for five years.Any advice?Assistant: In most cases youre going to need 20 down if you dont want to pay private mortgage insurance on top of your mortgage, home insurance, taxes...Human: 20 is unrealistic for me. The median home price in my area 220k. Thats 44k that Id need for 20 down. Id need four years to save that. My family cant stay in this two bedroom apartment for that long.  <response>: Thats why most peoples first homes are on the small side. Before the housing crisis 10 was considered enough. Its tough, but now-a-days 20 is what most banks want to finance a house. You can do 10 down, but youll have to pay for PMI most likely.Whoops, just noticed youre going after a FHA loan. I believe those can have a downpayment as low as 3.5 if you qualify, but thats about all I know 