Depends on where you live.
I got financial assistance through a state program for my down payment, the only downer is I have to pay PMI, a whopping $50 a month for me.
$50 a month X 24 months = $1200 extra cash
BUT!
$121,000 Purchase Price
$127,000 Home value @ Closing
------------
$6,000 instant equity
The condos are reselling already for $134,000!
For me, paying PMI was definitely the smart thing to do. Yes, waiting and saving the 20% can help you to avoid it, but at the expense of the type of home you are looking for appreciating!
Make some phone calls! Now, when youre young and poor! lol, is the time to buy a home.