1) Find a duplex / 2 unit property in decent condition good enough to get an FHA loan.
2) Look at the price points in your area, but make your basis in $100,000.00 increments.
3) You will need $4,000.00 per $100,000.00...so if the property is $100K, you need $4000 for downpayment, $200K, need $8000.00 downpayment.
4) So on a $200K duplex you need $8K down
5) At the end of the year you get $8K back from Uncle Obama.
6) So Uncle Obama just gave you the money for the downpayment...CHI-CHING!!
7) You bought a duplex right? ..with one of the units in the New Orleans area getting you at least $800 per month.
8) So at $800 per month, that is $9600 per year income.
9) Now also get "money back"/tax deduction for the milage, and those trips to Home Depot, and half the money for half the paint when you spruced up the outside of the house...(since 1/2 the house's expenses are tax deductible. Then, half the flowers are tax deductible, and half the insurance, etc....see your tax person for THAT gravy money.
10) There are more means and methods to systematically build wealth when buying a house...so get rid of the fancy car payment, stop watching TV, (those ads drive you to spend) and get your credit score above 680.