Everyone dreams of owning a house someday. You may be ready to have one, but your budget is not. Do you want to know why?

Likelihood of becoming poor. Many people hasten the process of home buying, especially first timers, without thinking whether they can really afford it or not. They secure a mortgage preapproval for the maximum they are allowed to borrow and look for a house that is higher than their budget. If you believe purchasing a home is spending all of your money mortgage, maintaining your abode, and paying the bills, this is not the time to make a home purchase. All expenses increase and you need some money left over for discretionary spending.

Home maintenance is not your thing. Buying a house does not end there. It goes beyond obtaining a home insurance and paying mortgage. Not to mention you need to maintain the upkeep of your abode. Some people enjoy such responsibilities, while others frown at the thought of cleaning their house. If you are not up to the challenge, purchasing a property is not for you.

Lack of job stability. Sure, you have a good paying job. But the worst thing that can happen to any person is to lose a job and fail to pay his mortgage monthly. In case you miss payments for a certain period of time, the lender will foreclose on the house and you will lose all the money you have placed into the down payment and mortgage. You may want to delay this plan until your career becomes more stable.

Insufficient down payment. Lenders became stricter when it comes to the amount of down payments after the 2008 real estate cash. Most of them require a down payment of 20%. If you have less than 20%, you will need to pay for additional private mortgage insurance. The best thing to do is to wait and save until you have that 20% down payment. That will lower the costs.

Low credit score. Credit score matters a lot, especially if you wish to own a house someday. The higher your score, the better your chance of borrowing the amount you need at a low rate. But for those with not-so-impressive score, it will take time to improve their score. Instead of pulling the trigger right away, work first on improving your score.

No emergency fund. Again, no one can proceed with their financial goal(s) if you have no emergency cushion, which should be at least three months of living expenses. Remember, expect the unexpected. When you purchase a house, it introduces a new set of potential emergencies into your life. If you have set up your emergency fund, then you are ready to meet such problems without incurring debt or harboring fear (or both). You are not ready to assume another responsibility if you have no emergency nest.