u/ComfortableAir2326

hi there! long story short we are buying our first home and we are under contract and have two offers before us.

we could use both our incomes to apply for a loan, which will cost us $994 with 0.122 points. our PMI is $107 and at 6.375%. We’d close with $51700 down with closing and down payment.

if we use only one income, we will get -$994 in lenders credits at the cost of $183 in PMI at 6.375. (0.379 points will cost us $2800 so no way) in this scenario we close with $49,909 down.

to me it seems crazy to take the FTHB program as it basically would take 22 months for PMI to outpace the savings. why not pay the $2000 more now? is it crazy to pass on the FTHB program?

it seems like the markets would HAVE to drop .5 to 1 full point in less than 22 months for refinancing to become a viable option. if rates don’t go down, ending PMI at 80% LTV would likely take 40-60 months (or more) which by that point would cost us thousands more and have higher monthly payments.

Me and my spouse are torn on the right approach here so I’m asking what others who have been through this process think! any thoughts are greatly appreciated.

we are first time buyers and we’re looking at potential agents to represent us. we have considered an agent who works for compass who has been confident, but we have heard mixed bags about Compass as a broker and frankly it’s hard to find anyone who has an experience working under that brokerage who is sharing opinions online.

the team we’d work with is small, and they seem to have great attention to clients but we have seen some matters of lawsuits between brokers like compass and Zillow and the like involving compass, and would just appreciate if anyone could offer some clarity or experiences on how it’s like actually working with compass. we were told “they just provide some technology and resources while we do the work” but it feels like there’s more to that story.

any comments would be welcome!

thanks!