[MRM]

My wife and I bought our first house in 1993 after years of student debt and a year or two of wandering in the wilderness before becoming fully employed. We had no cash but were just starting to earn incomes. We bought a nice but modest four level split in a nice neighborhood with nice schools. We offered 3 points more than the asking price, had the buyer pay the closing costs, and borrowed $5,000 from my wife's then-tiny 401(k) for the 5% downpayment. Yep, the house cost just over $100,000. Our only mistake was not buying a $200,000 house in 1993.