The question I have is, who pre-approved you for $450,000 with no money down. As them exactly what program they pre-approved you for. They should have discussed all the options mentioned below with you. In my mind, part of the pre-approval process is finding out what your assets are, or where you are getting the down payment money, so that they can approve you for the purchase. You should also take a look at what you are paying now in rent, and what the payment on the $450,000 loan with taxes, insurance, and MIP would be. Your payments for the loan amount stated and the MIP, not even adding in taxes and insurance would be about $2700. If that is more than what you are paying now in rent, and you have not been able to save any money at all, perhaps you should re-think the purchase.