<prompt> Human: Im in my late 20s and work full time. Im finally getting financially stable. I really want to buy a house in about a year, but Im not sure if its possible or wise.Here are my stats:-62,000 gross income, take home about 3200 per month net-a year from this summer, I plan on having about 10000 saved in cash that I could spend on a house-I will still have an ongoing car loan of 300 per month at that time, but no other debts-My credit score is good-785 last time I checked.-I currently play about 600 for rent plus utilities I have a roommate-I live in an average to cheaper housing market, and could probably find a modest house for 150,000So really, my question is if I will be financially stable enough within a year to go for the house, or should I want another year to have 20,000 or 30,000 saved? Can I buy a house with just 10,000 cash? Also, besides a down payment, are there extensive start up costs with a house? 10,000 is all I would really have to work with.Thanks! Just dreaming and scheming here!  <response>: You most certainly would be CAPABLE of buying a house within your timeframe. Would it be wise? Probably not. With that small of a down payment, you would probably pay PMI, not to mention you would leave very little cushion for yourself if something were to happen. Depending on where you are, you might be able to do Rural Development, but that has fees as well, plus youll be upside down for the first couple years. Best practice is a 20 downpayment so 150,000 X 20 30,000. Also you need to have a few thousand in savings for emergency, new furniture, etc. I would say, if youre trying to be in the best possible financial situation, you should have close to 40k put away before buying the house. Youll really be setting yourself up for success that way. Your cost of renting is so cheap right now I would just keep stashing cash while you can. I became a homeowner last year and there are more expenses than youd think. 