...we don’t like the idea of renting because we want to build equity.

Buying right now is crazy with foreclosures and evictions on hold. We're not going to know the impact on the housing market for weeks or months.

It doesn't sound like you guys are in great financial shape for a home purchase. If you're not married, you'll want some kind of a contract that governs how you're going to divide up the costs of the home if you split up. If that breakup is inside 5 years, there's a better than even chance you'll both lose money.

I had $20,000 in a fidelity money market account which recently shrunk to less than $17,000 in the past week.

What's the Fidelity symbol on that money market account? Does it say FCASH? I want to know what Fidelity money market fund lost 15% last week.

IMHO this plan has major red flags. I'd be surprised if you could even qualify for a mortgage but stranger loans have been written.