The best advice that I can give is get into a 4.50% 30 YR fixed mortgage, IF you qualify.
Have a low minimum payment, and hoard CASH until you have a 12-24 month cushion of living expenses.
I do not encourage 15 YR mortgages for most people.
Having a low minimum payment with the option of making a higher payment if you want to, is a better scenario than being obligated to a higher monthly payment.
