https://www.siliconvalley.com/2023/04/29/children-of-the-great-recession-want-to-know-the-risks-before-buying/

Question: We are about to buy our first home. The loan officer was referred to us by our buyer’s agent. They are pushing us to buy at our maximum purchase amount. I find this unwise. To make me feel comfortable, they say, “Don’t worry. Your income will grow over the years.” That’s not a good argument for stretching our finances. My husband and I were children during the Great Recession. We saw our parents struggle as “distressed sellers.” 

My in-laws lost their house to foreclosure after my father-in-law lost his job. They never recovered financially. As home values plummeted, my parents lost their house’s 25% down payment. After selling with bank approval in a “short sale,” we moved in with relatives.