First, let me tell you that mortgage debt is the only kind of debt I don't yell about. I don't borrow money ? ever. But, I know most people won't do the '100% Down Plan' when it comes to buying a home. So what are your options?

For those of you who are in debt (which is most of you), let me tell you what Sharon and I did. Nearly 20 years ago my wife, Sharon, and I hit the financial bottom because of our debt. We did an unpopular thing to help turn things around. After years of marriage and owning hundreds of pieces of real estate, we became renters. Normal mindset is that you should buy and not rent but remember normal is broke. All these years later, I can see that that was probably THE best sacrifice we made. We were able to pay off our debts and save money for a house.

Although that's the smartest and safest route, if your heart is set on buying a home you can still do it wisely. But if you can't pay cash for a house in full, how do you figure how much house is too much?

Take some time to sit down and do the math. Your mortgage payment should not be more than 25% of your take-home pay and you should get a 15-year or less fixed-rate mortgage. Notice I said a 15-year mortgage, not 30. Don't be tempted by the smaller monthly payments of a 30-year mortgage. The truth is 30-year mortgages are for people who enjoy being in debt so much they want to extend it for 15 more years and pay thousands of dollars more in interest for the privilege!

Now, you can probably qualify for a much larger loan than what 25% of your take-home pay would give you. But it's really not wise to spend more on a house because then you will be what I call 'house poor.? Too much of your income would be going out in payments, and it will put a strain on the rest of your budget so you wouldn't be saving and paying cash for furniture, cars and education.

The point is your house payments shouldn't take over your budget. Don't let your mortgage payments cause you major stress every month for years and years to come. Your dream home needs to be just that, a dream. You don't want it turning into a financial nightmare.

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