What to do about fret buzz?

I have a Washburn Lyon LI15 and I found the action too high for my liking. I tried lowering it until I liked it, but then the frets toward the body of the guitar started buzzing and fretting out. So I raised the action again until it stopped buzzing, but it's still killer high. I have no idea what to do, and I don't have the money to go to a professional. Advice?