I wasn't anywhere near that. I had 3-6 months in emergency $ and I put down about 10%. In the end though, it was the best financial decision I've made. Locked in a 3.5% rate and my house has increased in value by 130k since I bought 3 years ago.
Lots of factors to consider though. There's not one answer for everyone. I have had friends that have been burned. It all depends on where you buy your home, how desirable your neighborhood is, location, etc.