A 38-year-old accountant in Jacksonville, Florida, is the oldest of six siblings in her family. But until recently she’d been repeatedly frustrated in her attempts to raise the cash to purchase a house of her own. The same goal has defied all five of her brothers and sisters.

“Our folks always told us you’ve got to have a 20% down payment. That seems impossible because of inflation and the high cost of living. This explains all the setbacks in our planning,” the accountant says.

But given her expertise with numbers, the accountant challenged conventional wisdom on the necessity of 20% down. Jessica Lautz, deputy chief economist for the National Association of Realtors, says the accountant has a point. Indeed, Lautz notes that the need for 20% down is a widespread misconception among buyers.

“When we look at successful first-time homebuyers, they’re getting in with that typical down payment of 9%. So just knowing that data could make that potential homebuyer say,´Oh, maybe this is within reach to me, as opposed to feeling deflated when you think about those outdated numbers’,” Lautz says.

Why is the 20% down myth so prevalent among first-time buyers? Lautz says this is largely due to outdated advice from older family members. She estimates that a majority of young buyers consult parents and other older relatives for advice.

Given the high cost of housing and stubbornly high mortgage rates, Lautz notes that 20% down is a significant hurdle for wannabe homebuyers to reach.

The true story of the Jacksonville accountant’s quest for ownership has a happy ending. In late September, she will close on a three-bedroom house with a large landscaped yard and an oversized kitchen.

“I ran the numbers and looked at comparable sales. It’s clear that this house is fairly priced. Plus the HOA fees are unusually low,” the accountant says.

Now the accountant is advising her younger siblings on the art of homebuying.

“I tell them not to wait for the perfect moment to pursue their homeownership dream. Instead, seek out current opportunities as they present themselves. For example, right now there are an abundance of available homes in Florida, and sellers are willing to compromise,” she says.

Here are a few pointers for first-time buyers:

-- Line up all your financing paperwork in advance.

Mark Nash, a real estate analyst and author of “1001 Tips for Buying and Selling a Home,” says those contemplating a home purchase should check in with a reputable lender to gain preapproval before heading out to look at property. Preapproval means the lender has verified their credit and income before setting a ceiling on their borrowing capability.

“You’re in a much, much stronger negotiating position if you have that valuable preapproval letter,” Nash says.

-- Don’t rule out properties that have long lingered on the market.

“In many cases, you can get an exceptional deal on houses that have been sitting unsold for a few months or longer,” Nash says.

Buyers have long been counseled to avoid making ridiculously low offers on real estate lest they insult the homeowners’ pride. While this remains true, in many neighborhoods, would-be purchasers can now be somewhat more daring when submitting bids on shopworn property.

“If you’re dealing with worn-out sellers who’ve had little activity on their property in weeks, you can afford to be a bit more audacious. This is especially true if the property has already become vacant or its owners are under pressure to move soon,” Nash says.

As he notes, the agent working on your behalf can often get a good sense about the sellers’ level of motivation to move by simply asking their listing agent to inquire.

-- Look into places being sold due to divorce.

Some first-time buyers are reluctant to consider a property that’s being sold because of a marital breakup. They fear getting caught in the middle of the emotional drama underway between the partners. But Nash says it’s very possible to avoid this outcome and still get a good deal from such sellers.

“For every estranged spouse who wants to sabotage the sale, there’s another who wants it done and over with so they can move on with their life. Also, many couples must sell due to the mandate of the divorce court,” he says.

Real estate specialists say that buyers who enter into negotiations with divorcing couples should be careful to avoid doing anything that might cause an emotional reaction on the part of the sellers.

“Keep it all businesslike. This isn’t the time to be writing the sellers a folksy letter about how much you and your kids would love to live in their place,” Nash says.

-- Concentrate your bargain hunting on promising segments of the market.

Granted, there are some bargains available among the thousands of properties in areas like Jacksonville, where the supply of property now exceeds demand.

“You could also be wasting your time if you go searching for bargain homes that are marketed as “fixer-uppers,” Nash says. Properties that have been subjected to abuse because of deferred maintenance or sheer neglect can often suffer from serious and potentially expensive problems with their plumbing, electrical, heating or air conditioning systems.

“Before you get roped into a property on the basis that it’s priced cheaply due to supposedly superficial problems, make sure a home inspector checks it over carefully. Otherwise, your purported bargain could prove to be a very expensive piece of false gold,” Nash says.

(To contact Ellen James Martin, email her at ellenjamesmartin@gmail.com.)

Two sisters from Austin, Minnesota, both in their late 20s, have long pondered a move to Florida to escape the harsh Midwest winters. Given that they’re in customer service, they can telework from anywhere. But when it comes to homebuying, affordability remains a major issue -- even in Florida, where prices are gradually slipping and buyers are gaining the upper hand.

“Obviously we’re not making a fortune from our jobs. So we need an excellent deal to fulfill our dream. Also, we want at least a two-bedroom house with no homeowners association fee. In addition, because of our age, we don’t want a senior community,” says the older sister.

On a recent exploratory vacation to Florida, the sisters discovered the inland town of Ocala, which claims the title “Horse Capital of the World.” Not only are they attracted to an equestrian lifestyle, but they love the city’s laid-back vibe.

The sisters are now targeting for purchase an Ocala property that features vaulted ceilings and a spacious split floor plan. It also features two large bedroom suites, each with its own walk-in closet. There’s only one catch: The place has been serving as an investor-owned rental for more than a decade -- one factor accounting for its low asking price.

The property is within the sisters’ reach financially. But they’re worried about buying a rental unit. Their real estate agent is reassuring, yet the sisters want to be certain.

Here are a few pointers for purchasers in their position:

-- Plan your visit for when the renters are absent.

Though there are exceptions to the rule, those living in rental homes are usually unhappy when they learn that their landlord plans to sell and make them move.

“Many renters are angry their place is being sold. They may even try to undercut the sale through snide remarks about the landlord,” says Mark Nash, author of “1001 Tips for Buying and Selling a Home.”

Moreover, some tenants make derogatory comments about the condition of the home, exaggerating minor issues and sometimes even claiming problems that don’t exist.

“Don’t be surprised if the tenants rail about every little thing that’s wrong -- like a burned-out light bulb in the attic or a roof they falsely claim is leaking,” Nash says.

He recommends that buyers try to schedule a visit to see a rental property for when the tenants are absent. That way you can more effectively scrutinize the place.

“It’s a bad idea to visit when the tenants are following you around and disorienting you or your agent from really examining the property,” Nash says.

-- Make doubly sure you obtain an in-depth home inspection.

Many rental properties are overseen by professional management firms. Even so, they rarely receive the same level of attention as homes occupied by their owners. That’s why it’s important to make any bid conditional on a satisfactory home inspection.

“It’s essential that you find a truly professional home inspector -- a person with years in the field. Otherwise, you can’t be sure you’ll avoid facing horrific bills due to a failed roof or heating or cooling system. Every house needs a comprehensive inspection. But that need is all the greater if tenants have been living there,” says Dorcas Helfant, a past president of the National Association of Realtors (nar.realtor).

To find a qualified home inspector, she recommends you ask your real estate agent for the names of at least eight to 10 candidates. Then interview at least three on the phone before selecting the best one.

“I would urge you to avoid any inspector currently in the home improvement business. That represents a major conflict of interest -- especially if the inspector is offering himself to do the repairs,” Helfant says.

-- Make sure you obtain cost estimates for potential repairs.

Many real estate agents own rental properties. Their experience as landlords teaches them that tenants often fail to tell the owners about issues with a home until the problems become serious.

“Maybe the heating system has malfunctioned for many months. But the landlord has never heard about the problem until a home inspector determines that the heating system has failed and must be replaced,” Nash says.

He says the prospective buyer of a rental property -- or any home, for that matter -- should determine how much needed repairs will cost. He recommends you get estimates for all the repairs on your inspector’s list before finalizing a deal. Then be sure these expenses are factored into the price you negotiate.

-- Look for hidden value in a home with cosmetic issues.

In an increasing number of neighborhoods -- especially in the South -- sellers now outnumber buyers and bargain properties aren’t hard to find, says Helfant, adding that those willing to consider a rental unit could score a particularly deep discount.

“There’s a fairly big stigma attached to buying a rental unit. You need to get beyond that stigma when you’re seeking a wonderful deal. In some states, including Florida and Texas, there is a strong buyer’s market out there for many rental houses,” she says.

The key to finding a true bargain in a rental unit is to carefully consider each property on the basis of its own merits and deficits -- rather than lumping them all together.

“Get beyond its bargain status to view the property with both your mind and heart. Forget such superficialities as dirty towels in the bathroom. Instead, think about the bones of the house and whether you really love it,” Helfant says.

(To contact Ellen James Martin, email her at ellenjamesmartin@gmail.com.)

Two divorced people in their late 50s, who live on the same Savannah, Georgia, street, happened to meet last year while walking their dogs. One thing led to another, and ultimately the pair, an accountant and a nurse, married in June.

Though the couple had a small wedding, they have large lives. Not only do they own two separate houses, each valued at more than $400,000, but they also each have two grown children who live on their own.

Right now, their plan is to sell both houses and buy another where they can live together. But before they pool their assets for the purchase, they want to be sure their children are protected financially when one partner dies.

“Love is one thing, and we’re happily married. But our first commitment is also the well-being of our children. They were born long before we married,” the nurse says.

Are you in a second marriage that involves a blended family? And are you planning to buy a home with your present spouse? If so, even before purchasing the new property, you may wish to develop a legally viable plan to ensure that all the offspring receive their fair share of the real estate (and other assets) after the death of one partner.

“If you don’t have a will in place, the courts get to decide what happens to all your stuff. In that situation, the division of your assets can turn out to be very different from what you had in mind,” says Eric Tyson, a personal finance expert and author of “Let’s Get Real About Money!”

Many people assume that estate planning is just for the wealthy. But even those with limited assets who need only a plain vanilla plan should get their intentions down on paper before making a major financial move, such as buying a home, says Lynn Meyers, a veteran estate planning attorney.

“It’s very, very important to have an estate adviser, particularly if you’re in a blended family,” says Meyers, who’s affiliated with the American College of Trust and Estate Counsel (actec.org), an organization of lawyers who specialize in estate planning.

Before you buy a home with your second spouse, Meyers says you’ll want to discuss your intentions on how equity in that property will be divided upon your death. For instance, the two of you should decide if you want your spouse to inherit the property in its entirety or if you want it to pass on to your children.

After you die, you don’t want your children to miss getting the equity from your home just because your plan was done wrong. By the same token, you also don’t want your spouse to be forced to move due to a bad plan.

Although a relatively simple will is sufficient for many couples, estate attorneys say those with children from a previous marriage may wish to establish a “living trust.”

Here are several pointers for couples in blended families who want to create an estate plan before a joint property purchase:

-- Acknowledge the need for expert advice.

Jordan Simon, the co-author of “Estate Planning for Dummies,” is an investment manager, not a lawyer. But he strongly advises people who want an estate plan to hire an attorney to help ensure they get solid advice. This is particularly important if they have children from a previous marriage and plan to buy real estate with their new partner.

“Trying to create your own plan makes doing your own taxes seem like a walk in the park,” Simon says.

Although several books and websites encourage consumers to create their own wills and trusts, Simon says that those who do so risk making mistakes their survivors could live to regret.

Charles Abell, a longtime estate planning attorney, says there’s no such thing as one-size-fits-all estate plan, even for moderate- to middle- income people. And because the laws governing probate differ from state to state, he says it’s critical you choose an attorney licensed to practice in your state.

-- Search for a lawyer through personal recommendations.

“The best way to find a good lawyer is by word of mouth,” says Patricia Annino an attorney and author of “Women & Money: A Practical Guide to Estate Planning.”

Tyson cautions consumers against choosing an estate planning specialist based solely on advertising. He also urges people to avoid picking a lawyer who offers them a free dinner to participate in an estate planning seminar.

“Although they don’t say so, many times these lawyers are really trying to sell you high-priced annuities or insurance products,” Tyson says.

When choosing an estate planning attorney, he encourages you to select someone who concentrates his or her practice in this field.

“Ask them what proportion of their practice is devoted to estate work. The higher that percentage, the better,” Tyson says.

-- Don’t delay your estate planning due to procrastination.

“A surprising number of folks get all the documents drawn up and then refuse to sign them. That’s because some people have a superstitious feeling that after they’ve signed the documents, they’ll die soon after,” Annino says.

She urges people to watch out for emotions that could cause them to avoid moving forward with at least a simple will.

“Don’t let fears about mortality keep you from completing this important step,” Anninoann says.

(To contact Ellen James Martin, email her at ellenjamesmartin@gmail.com.)