Advice from a recent graduate:

There are many great programs for first time buyers in the area.  I purchased a condo and paid it off during medical school.  I now have a nice down payment on my next place.  Condos cost as low as $60,000.

Depending on your income, the Town of Amherst has a First Time Home Buyers Program that helps covers the closing cost and some of the down payment.  I used this program and saved $5000.  Please see the information below:

http://www.amherst.ny.us/pdf/commdev/fthb.pdf

http://www.amherst.ny.us/pdf/commdev/toaapp.pdf

Federal Housing Stimulus Program- Up to an $8000 tax credit if you purchase this year.  More information is available at: www.federalhousingtaxcredit.com.

Please note that closing in NYS can take up to 2 months so it is important to start looking now if you are going to buy!