[Overseas Property Forum NEWS] Buying a house and saving for retirement

Buying a house and saving for retirement

Question: My wife and I are currently renting, but we'd like to buy a house. Problem is, we happen to live in somewhat expensive area where single-family homes cost at least $300,000. Our combined income is low and we barely have enough savings for even a small down payment. We're thrifty, though, and we can now save about $1,000 per month. My question is whether we're better off saving all that money for a down payment for a house in a couple of years or focus on putting money in our retirement accounts? We think we can carry a decent size monthly mortgage payment, but I'm afraid we won't qualify for a loan because our income is too low. What should we do? - H.S., North Bend, Washington

http://money.cnn.com/rssclick/2007/05/11/pf/expert/expert.moneymag/index.htm?section=money_realestate