I think I manage my finances pretty well, but I didn't have 20% down. Didn't want to waste more time than I had to saving. I could buy a house in a responsible manner and waste less time saving up.
I remember media artist making a point that investors don't use FHA.
I bought my house FHA as an investor. I didn't buy this house to have empty guest rooms and host tea parties - I did it for the cash flow that I knew was possible for only 3.5% down + closing costs. I'm not a rocket scientist. My ex gf did the same. We both rent out rooms that subsidize the mortgage (or in my case cover the mortgage + ~$550 in bonus cash every 1st of month).
My current gf has ex classmates who were given cash from parents in amounts that could purchase nice houses for 20% down. Instead they buy used 7 series bimmers or brand new 335is - no jobs. Having 20% down to put down on a house isn't a measure of financial responsibility..
I think there are exceptions on both sides of the argument.
In short: listen to media artist and save for 20% down on a house. In the mean time, I will let you savers know when I have a vacancy in one of my rooms in one of my houses.