Must I wait to buy a home if I currently have debt?

Not at all! There are a few key factors when considering a mortgage application: your employment / income, your assets, your current debt load, your credit record, and the total cost of the home you wish to purchase. All these factors are considered when making a credit decision, and as long as your income supports your current debt load, as well as the new home mortgage payment, any existing debt should not prevent you from qualifying for a new mortgage.