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Another thought - research the housing market trends in your area and see if you're at the bottom of a slump or on the way down. Also think about how long you're going to own this house. It generally takes between 3-7 years to build up enough equity to recoup the costs of buying a house. If your housing market is on the way down and the value of the house is likely to drop before it goes back up, it could take longer. Also look at whether you can get a credit union loan - they are generally much lower interest rates than banks. I'd avoid adjustable rate mortgages like the plague, but that's just me. Mortgage rates are pretty low right now, and only likely to go up. Also look into first-time home buyer options, and see if you may be able to get a "no closing costs" loan. Because it's a buyer's market, lenders are likely to bend over backwards for people with good credit, which it sounds like you probably have.
We're in our second house, and I love having a house. I love being able to paint it what color I want, plant in my yard, not share a wall with some guy with a huge stereo and obnoxious taste in music. It's generally a good investment - sort of like living in your savings account. Get a good mortgage broker who can walk you through things, and you'll be fine!
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"If ten million people believe a foolish thing, it is still a foolish thing."
- Anatole France
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