In most cases your payment will be significantly lower owning a home as opposed to renting. This is for two reasons:
Tax rates on rental homes are almost three times more than owner occupied homes.
Landlords tend to charge more than their total payment to gain income.
FOR EXAMPLE:
Using a 4 BR 2.5 Bath with a value of $235,000
Est Mortgage Payment including taxes & insurance $1350/mo
The same home rents for $1800/mo.
That's a difference of $450/mo!
Worried you don't have the downpayment?
There are many mortgage programs today that offer minimum down payments anywhere from 0%, 3%, or 3.5% down. AND your down payment can be a gift from a family member.
Here is what you need to qualify:
Two most recent pay stubs OR if self-employed two years most recent tax returns (all federal schedules)
Two years employment history (college/schooling counts as part of this history)
A credit score of at least 580
Two most recent month's bank statements to verify funds for closing