If you have 20k for a down payment (he does), you can get a 380k mortgage with payments of only about $1900. Of that, $500 is paying down balance and $300-350/mo off your taxes, means the true cost to buy to live in a 400k condo is only about $1100 + HOA. That is way better than renting, especially in this market.
And if any type of downpayment waiver or subsidy plan emerges, watch out as we zoom into bubble prices.
