Didn't you just buy a new car? Which you're presumably still making payments on?
You go to school? Got a scholarship, generous parents, or student loan debt?
I don't know what you do but I find it hard to believe your income can safely support car payments, a down payment, and possibly the cost of school or student loans. Safely is an important word because like any investment, the purchase of a home has risks-- appreciation may not keep pace with your expectations, you could lose your job, unforeseen medical expenses could come along, and suddenly an income which was capable of just barely supporting all these expenses comes up short and you lose everything.
I wouldn't do it unless you're positive you can handle all the payments and still save money. If you're not the type who usually saves money, I would recommend you not purchase a home at all until you somehow rustle up a sizable down payment, or some of your other debts are paid.
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