I love that kind of question INDY ---
Well.... Yes and no...
I'd say - stay where you are for at least 2 years - with no debt other than as you stated - make sure you don't change jobs either... unless you're taking a big move up.
STABILITY and track record will help you. It's kinda like your GPA -- everybody screws the pooch the first quarter at college - but if you figure it out and start doing what you should from then on - GREAT.
Todd can jump in and tell you what you need to qualify for a house - he deals with that... so would know what the banks are demanding currently - down - rates - FICO - etc.
This whole "housing" thing gets me. Back in the day - the sole reason you bought a house - was to work to pay it off - so that you could live for "free" when you retired. So a 30 year mortgage was paid off when you were 60... earlier if you were "smart". People raised whole families in 1400 sq ft ramblers and post war bungalows. They knew all their neighbors - and their kids... they started out young families and grew old together. Why is it we all have to have "more" house now? I didn't have my own bedroom til my brother went to Vietnam! Now a married couple no kids (DINKS?) have to have 5000 sq ft 4 bedroom 5 bath house in the burbs... they live there 3 years and move - never knowing anyone. WTF is up with that?
You (not YOU personally - it's a rhetorical "you") have to be a complete moron to be 50 years old and taking out a 30 year $4,000 a month mortgage!! How are you EVER going to pay that off - let alone retire? Oh -- wait -- I know!! You're hoping like hell that it DOUBLES in price... good luck with that.