If you wait, the things that are likely to change are;
You won't have to pay PMI
Interest Rates will probably go up
I hope Home Prices will go up.
You will only have to pay PMI until your equity reaches 20% (and you apply to Lender to eliminate your PMI).
If your Realtor can find you a Fannie Mae house with a HOMEPATH loan, you will only need 3% down and you won't have any PMI.
Now is a real good time to buy.
Good luck and may God bless