My significant other and I are looking to buy our first house. I'm somewhat nervous about the financial commitment that comes with buying a house. We need to put 80,000 down for the downpayment and closing costs. This leaves us with only 5000 in savings. The mortgage includes insurance and taxes and would be about 90% of my monthly income. We would have my partners income of 3500 a month left for all other expenses. Would you buy a house if you had this financial situation or wait until you had more saved?
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