With foreclosures flooding the market and home prices dropping like lead, this may seem like a good time for first-time buyers to get into a place of their own. But is it?

After renting an apartment for more than a year and a half, Renee Forzano decided it was time to invest in her future. She had her heart set on a condo, but after looking into it, realized all the fees and financing meant her dream needed to be put on hold.

"After talking to the mortgage broker it was going to be almost double what I pay in rent to actually own it," Renee explains.

Dropping prices are motivating many first-time home buyers who are ready to capitalize on lower costs, but stricter lending standards are leaving some to rethink whether the time is right. Stacy Bradford works for Smartmoney Magazine.

"We're seeing a lot of people are finding that you need to put down a much larger down payment and have a very strong credit score," Bradford explains.

Bradford says many people now have to shell out a down payment of 10 to 20%, when in the past there were 5% or even no-money down loans available.

"20% is ideal. Anything less than that you have to start paying PMI, or Private Mortgage Insurance, and that's actually a fee you are going to have to pay in addition to your interest rate on your mortgage," Bradford warns.

The deciding factor for first time buyers on the fence is how long they'll live in the home. The experts say it needs to be a minimum of 3 to 5 years.

"I think it's better to go a little bit longer than that even, otherwise you are going to run the risk that you are not going to be in the home for the length of the housing cycle," Bradford says.

Instead, renting may be the way to go. Renee is waiting things out for a bit.

"If I can just wait a little longer, reach some of my short term financial goals in a few months then I will be in a better position to buy," Renee admits.

Housing experts predict the market is going to get worse before it gets better. The estimates out are at least a year at minimum, perhaps two years before we start to see things turn around.