The answer to this depends on you. Lenders will only let you go to 55% of our income towards your house payments, but most will not let you do that.
I find one person will have perfect credit making $1000 a month and another will make $20,000 a month and not be able to pay their bills.
As far as a down payment. The more you put down the less expensive the mortgage might be, as you might be able to avoid mortgage insurance.
What if you don't buy in order to save money, pay out just as much as if you were making house payments. and property values go up 20% while you are waiting?
So if you do not have a down payment, you should probably go with a low down payment program. If that is in your budget.
1. Sit down write out a budget.
2. Find out what you can buy and how much that would cost.
a. Is the house acceptable?
b. Is the payment acceptable given your budget?
3. Make your decision based on your personal situation.
Keep in mind.
Historically rent doubles every 10 years or less.
The sooner you start paying on a mortgage the sooner you pay it off
With a mortgage you build equity that you can tap in for a number of good causes or emergencies.
Remember to compare the cost of the mortgage after taxes the tax benefits of either can be minimal or you may have great benefits from buying.