Get in the game or wait for $?

[Tom B.]

Hey everybody,

This is my first  post and I am excited to learn from all of you.

After all my research I'm quite confident that I would eventually like to get into the buy-and-hold or lease swap strategy.  

I have a stable job, mortgage on my house (not a lot of equity yet), work full time and a credit score of 780.  The problem is I only have 12-15k in the bank and my income is stretched thin with mortgage, car payment, and what's left is put into my 403b.  I have no CC debt or other investments.  

That being said, everything I read and hear advise me to "get in the game any way you can with that first buy!",  but is it possible, (or practical) to get a loan if I can't cover 25%?  Should I pursue a loan without a 20-50k cushion?  

So far I have talked to two lenders who said I'm not ready yet and encouraged me to wait until I can cover a 25% down payment.   Of course that looks like the safe bet but  I might be on the sideline for a long tie as I'm not sure where I can find that extra income.   

Really appreciate any advice you could give!

[Aaron K.]

Saving is the best option if it is doable, a secondary option would be to move out of your primary residence and purchase a small multifamily where you live in one unit and rent out the other(s) there are more creative strategies described on BP but they tend to be somewhat riskier and only work well in certain markets.  If you are risk averse I'd wait