You will need 10-12% of the home value at a minimum to buy a house, pay closing costs, move and fund insurance and taxes. Second, mortgage companies will, at best, approve you for 36% of debt to income, so if your making $50k, that is $18k in payments/ 12 months to cover principal, interest, insurance and taxes, or $1500/ month. A mortgage that includes insurance and tax will allow you to buy a $185,000 house at today's rates. So you would need $20k saved for closing. Can you even find a house for $185k?