If you have to borrow from your 401K to get the 20% down, do not buy. Seriously.
When you have 20% down, AND at least 6-12 months salary in cash as an emergency fund then consider it. Look at the world economy right now!
Sounds like you are almost there now, so if you saved up the rest of this year you’d probably be in good shape. Plus, as mentioned prices are only going one direction right now.
Now, for those saying go rent $2,500 for a couple years. That’s $30,000 a year in rent. In 3 years is the house you are looking at going to lose $90,000 in value?
I’d say suck it up at least 1 more year where you are at now, save up, then strike. Your goal here is really to stay employed, and get the majority of the price corrections taken care of before the rent costs vs. price declines cross.
