Dear Dave,

My husband and I have been married for three months, and we're debt-free. Right now, we're trying to save up a 20 percent down payment for a house. I work for a real estate company, and it's really pushing us to take advantage of a first-time homebuyer deal. The program offers 100 percent financing, no money down and no private mortgage insurance. They say it's a great deal. What do you think?

- Stacy

Dear Stacy,

You guys are off to a great start. Don't blow it now. Those people are wrong. I grew up in the real estate world, and this is a bad idea.

Slow down. It's great that you guys are young and debt-free, but you need to do things that are smart for you. And for you, smart includes a couple of things. First, make sure you have an emergency fund of three to six months of expenses in place. Then, keep saving up for a big down payment.

You know, when I hear the advice you were given I just want to smack somebody. Haven't the mortgage lenders learned anything from the last few years? Nothing down, interest-only and sub-prime loans are a big part of the reason for the financial debacle in this country. A house is not a blessing when you're broke, and a bargain is only a bargain when you're ready to buy.

I always recommend waiting at least a year after you're married to buy a house. It takes that long to decide how close you want to live to your in-laws. Plus, you want to spend some time getting used to each other, and knowing each other even better, before making what will be your largest asset purchase.

- Dave