Someone once asked me: With the way the economy has taken a toll on savings accounts, the traditional 20% down payment seems out of reach for many first-time home buyers like myself. Are more first-timers going the route of 5%-15% down payments? Or should I wait until I've got the 20% saved?

I can answer your question in two ways because they're two separate questions.

Believe it or not, many a homebuyer who may have saved up meticulously for years for the down payment on a house can end up flat-footed after the close of escrow. Why? Because often they have not thought about the expenses of homeownership that have nothing to do with their monthly mortgage payment.

You've been working toward the purchase of your first home, and now you're surrounded by uncertainty. How can you stay on track and still meet your goal?