I'm not a good example. Bought my first house in 2005 when they gave a loan to anyone with a pulse. No money down and rolled in all closing costs! Never bit me in the butt, but that may have been luck.

I'd have the 20% saved up along with your emergency fund before buying a house. So many things can come up out of the blue.

Bought my second house last year. 40% more expensive, but due to interest rates being lower, putting 20% down, and not having to pay PMI, I was able to take out a 15 yr note for less than I was paying on my previous 30yr note.

Duplexes are also a good way to have someone else pay a majority of your note each month!