Asked by Boryana, Crofton, MD • Fri Apr 27, 2012
We are wondering should we buy a house now, or wait a year to save for a better down payment risking higher mortgage rates and house prices.
To be more specific, what I am trying to figure is, is it possible in today's mortgage market to get 30yr fixed interest loan with 4% interest by only paying 5% as a down payment.
Some more details:
* Both of us are employed.
* We have no major debts (just some credit card payments).
* Our credit scores are about 800.
* The houses we are looking at are about 2 times our yearly income.
The only problem is that we got our jobs recently and haven't saved enough for a decent down payment.
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