The wife and I decided to pony up and buy a house. These days it seems the rent for a decent apartment is no different then the mortgage for a decent home. Plus now is the time to take advantage of everything offered.

Weve got some in savings but we dont want to wipe it all out for a downpayment, we want at least a 3mo cushion in case something happens. So we figure we can do about $10K down. Not much but better then nothing I suppose.

We want to buy a house that is in our budget NOW. Even though my wife will be an RN in a year from now, we still want to buy what we can afford with our current income vs our projected income in a year, again as a little cushion.

First I have to ask this. We found a home we REALLY like. Problem is, its a repo and needs some major work. We havnt had a professional inspection done yet but will. We can put 30-40K on top of the asking price and still be in budget. Is it a smart idea to buy a rehab as a first home?

Anyother tips or suggestions? Dos and donts? Pros and cons of a fixer upper?

Figured Id ask some of you with MANY more years of experience on me.