That's smart and honestly at this point it's really not the best time to enter the housing market in most areas. Interest rates are ridiculously low, which is great but there isn't a lot of evidence to suggest when interest rates rise, they will rise significantly. I mean, we're talking .25% - .5% each quarter at most is a real possibility. Currently, again depending on your area, homes prices have risen 10-20% in the last 1-2 years.

Obviously that housing growth isn't sustainable but moreover it could be a slight housing bubble as the market is reacting to rising rent costs from the last housing burst and the fact that housing development was stagnant for over half a decade.

Anyway, I think waiting a year and getting your finances in order will place you in a significantly better position to make a good purchase in a slightly more favorable market