Update and your opinions...

[MonkeyMama]

Agreed with Steve.

I am not such a stickler on the 32% for someone who is merely temporarily not working. But the combo of the two is dangerous. & I think at your age you should not commit so much to a house payment. I think it is one thing when you are 25, another when you are almost 40. Why? Because when you are 25 if you stretch a little, you will probably have a life time of raises and opportunities ahead of you. If you are gearing up for retirement, you probably will not have as much opportunity to grow your income down the road. (I know too many people who have been perpetually out of work since age 50. I suppose age discrimination in the work force is also another reason).

Anyway, what's the rush? If you are saving that much anyway and looking for a job, you may have 20% down in no time. Which is all the more reason to just take it a little slower. (If you are counting on record low interest rates to seal the deal - that is also a red flag. If you can't afford it otherwise? Forget about it. Rates will be low for a while. 5% is still absolutely awesome, in the grand scheme of things, and shouldn't make or break your plan).