Have you Evaluated your Financial Situation?
When you buy a house, you take on a major financial responsibility. You not only pay the principal and interest on the mortgage, but you also pay the real estate taxes and homeowner’s insurance and you’re responsible for all maintenance and repairs.
Ideally, you’ll have money saved for a down payment (more on this below), money put aside for emergencies (3 – 6 months of mortgage payments is ideal), and minimal debt.
Also, consider your employment/income situation. Do you expect things to stay the same or get better in the coming years or will things change for the worse? For example, will you go from two incomes to one because you want to start a family? Will you go back to college?