Kashi,
You should also investigate programs that help first-time homebuyers with securing a down payment on a home. Here's a link to an article I wrote that contains some information for you:
Programs to help you fund your American Dream
http://www.yourfreecreditreportnow.c...icandream.html
I was only able to save up 5% for a down payment on my home, but it sure beats renting for me.
Good Luck