Just be advised that most lenders these days have a very simple loan approval process. They stick two fingers on the side of your neck to see if you have a pulse. If you do, you get the loan. If you don't, they'll call your heirs and they get the loan.
Well, not quite, but let it be said that they are very lenient and will let you borrow way more than you can afford, as a general rule. There are way too many lenders out there, and they need all the business they can get.
If house prices fall, you could easily be upside-down on your mortgage (owe more than the house is worth). Worse, if you have an adjustable-rate mortgage (something they might steer you towards if you have a heavy debt load -- go figure), you'll likely start to pay more per month after the intro period. Also, don't forget PMI if you put less than 20% down on your house.
On the other hand, if you continue to rent, you can move without needing to sell your property. There is a freedom that comes with renting.
Scare you enough?
I'd just tread very carefully with buying a house because it's very much a seller's market these days.
FWIW