Hey wilson, for the most part, financial planners and real estate advisors (who don't know crap about finance!) would advise to keep mortgage cost less than 28% of your monthly gross income (Your monthly earnings - monthly taxes). I say keep it under 28% of your biweekly income is even better for it gives you extra to sock away and you don't have to rely on GF/fiancee/wife earnings. Many real estate agents will try to push you to go up to 50% under the "because you can afford it" argument.
Just like m4amustang1, zcarman and I pointed out earlier, the general rule of thumb used to be to have 6 months of living expenses (rent, mortgage, bills, insurance ....) socked away but in this environment, having 1 years gives you extra peace of mind.
