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beachteen t1_iy9hbgg wrote

A $3300 mortgage payment would put you at 31% DTI. This is pretty affordable

If you can put 10% down PMI is a bit cheaper, and you are financing a little less so the payments would be a bit lower. But then waiting longer, saving more to cover closing costs on top of the down payment probably means increased home prices so it is a wash.

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ProspectiveHomeBuye OP t1_iy9i19k wrote

One other thing I didn’t mention was that my parents have made comments about being willing to give me a loan to help with a down payment if needed. I haven’t pushed this idea because I don’t want to burden them, although they are doing well financially.

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beachteen t1_iy9j1jd wrote

You can't take a loan from your parents for a down payment on a house and get a regular mortgage. If you lie and say it was a gift when it is really a loan that is mortgage fraud.

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ProspectiveHomeBuye OP t1_iy9ka72 wrote

Gotcha, I am definitely not planning on committing fraud. That’s why I’m asking questions here.

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beachteen t1_iy9kzu1 wrote

If your parents would gift you some money you could put 20% down and avoid PMI, pay less in interest because you are borrowing less. Your payments would be more affordable.

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raustin33 t1_iy9lf0r wrote

It would have to be a gift. Can't take a loan on down payment.

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