For many first time home buyers, it can be difficult to see beyond the initial stress of the down payment. Besides the fact that many people qualify for mortgages with as little as 3-5% down, the long term tax benefits of home ownership are substantial. The example below illustrates this clearly. In addition, there may be additional deductions in the first year associated with loan origination and moving expenses. Please consult your tax professional for specific details on your personal situation.