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Originally Posted by willravel
This is the tough one, because there's really no way around this one unless you're super rich or super lucky. What might be better would be to buy a home in a cheaper area, and rent it out. You use the rent money to cover your own mortgage on the home you live in. Suddenly you're making one payment for two homes, and once you've finished paying for the cheaper house, you either sell it and buy the rest of the home you live in outright, or you just wait and let the rent payments finish your mortgage. You're still in debt, but it's nowhere near as much.
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That used to be a good idea. That was when house prices were going up. Now you would just have two mortgages, and if you lost your job and couldn't find someone to rent the other place, your savings would go fast. That is if you even had savings after paying the 20% on a normal home loan. If you do the crap that the mortgage industry has been puling the last few years, I won't feel bad when you have to foreclose and are financially ruined.