You may want to re-think the spring/summer time frame. Even in down markets, there is more buyer competition and higher prices during that time. If I was in your position, I would guesstimate the difference in payments you would have by waiting until next fall/winter, including likely higher interest but also possibly a substantially lower price (depending on the area). I would personally wait, even if it means paying 8%. I don’t want to get into a spring bidding war on top of already inflated prices.