Asked by Casey1400, Carlsbad, CA • Tue Mar 12, 2013
My husband and I make very good salaries and we have determined a budget to stay within. This budget allows us either one of us to pay the monthly mortgage taxes HOA insurance utilities if the other loses their job (very unlikely - but I'm very cautious) if we were to put 5-10% down. It allows us to still save quite a bit of money if we both stay employed (we both have secure jobs).
The problem is we paid for our entire wedding and will not have 20% down saved until a year from now. As I said, I'm extremely cautious but I'm also aware that interest rates are VERY low and now is a good time to buy. We have been pre-approved because of our high credit scores but I'm freaking out because everyone says that you should wait until you have at least 20% down. I know a year isn't that long, but we found a lender who might give us a loan without PMI insurance at a super low rate. If you eliminate PMI, is it still smarter to wait until we have 20% down?
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