It sounds like you don’t have any/much savings. If you don’t have at least six months of savings in your bank account right now, don’t buy the house. You do not want to be in a month-to-month financial situation. If you lost your job tomorrow can you find another job? How fast can you find one? Can your family survive in the meantime? Do not think you are EVER SAFE at your current job. It’s a different climate these days. Instead of buying the house, save a little in case of the rainy day scenario. Everybody should have that money anyway in my opinion. You do not want to live month to month.
What do you think the economy has in store for the USA in the next 5 years? I hear the “R” word popping up more and more. I truly believe now is the time to have a little nest egg just in case.
All-in-all, if you don’t have 6 months cash in the back right now, don’t buy the house….save up money instead.
