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Take a realistic assessment of your overall life and lifestyle - where do you see yourself in 5-10 years - yours house should assist your planning for the future, not hinder it so keep future plans (job, family, etc.) in mind - don't just let the $$ dictate your decision - also getting pre-qualified is very helpful, but do not let a realtor tell you that you must get pre-qualified before they start showing you homes - if they do, you have a housing discrimination suit on your hands. If you want to get your taste buds wet and see what is out there, go ahead and do it while you are going through the pre-qualification process. Also, don't sleep on mortgage companies, not some store-front fly by night operation, but the well established ones are giving banks a run for their money on rates and other terms - some of the bank and state first-time home owners programs have very restrictive clauses in them that a mortgage company may not have. If you have the money, get your own attorney, not just the one the bank asks you to select or selects for you. If you are a teacher or police office, you qualify for HUDs Officer/Teacher Next Door program which I believe discounts the selling price of a HUD home 50%. Finally, if you have any creativity or handiwork skills, get them going to, become a HGTV nut!!
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