We just made our first offer on our house.
Which was rejected. I'm sure I would have too . It was a bit out of our price range for Pasadena. Even though we qualified for over that amount, we have been doing our best to be disciplined in staying within our monthly budget to get a house. It's going to be tough.. prices are high in Pasadena.
I think that's one common misconception about affording a house. It's not the down payment that gets you but the monthly payments after.
For our loan/price range, an additional down payment of $10,000 only gets us an extra $50 off the monthly payment (which over the life of a 30 year mortgage is about $18,500 total, meaning $8,500 in interest (tax deductible interest).
Okay... life and random thought over. A house-hunting we continue (hopefully with a place large enough to put in a hardwood floor !!!)