I'm planning to buy a home within the next 6–12 months and I'm trying to determine whether I should buy now or wait. My annual salary is $135,000, my spouse earns $92,000, and we have around $85,000 saved for a down payment. We currently have a car loan with a $420 monthly payment, student loans with a remaining balance of $28,000, and about $7,500 in credit card debt that we're paying down. My credit score is approximately 725, while my spouse's is 690. We're considering homes priced between $550,000 and $700,000 in both suburban and urban areas. Can you explain how our debt-to-income ratio, credit scores, and down payment will affect our mortgage approval, interest rate, PMI requirements, and monthly payments? Also compare conventional, FHA, VA (if eligible), and adjustable-rate mortgages, explain when refinancing would make sense, estimate closing costs and property taxes, discuss the impact of inflation, interest rate changes, and current housing market conditions, and provide a month-by-month action plan to maximize our approval chances and minimize the total cost of the loan over the next 30 years. Finally, include potential risks, common mistakes first-time buyers make, and any government grants or assistance programs we might qualify for.