23 I think the chances of the home going down to 250-300 are better then 50/50. However I don’t think it will stay at that level for to long. I agree with other posters who say if you have to finance it 100% then you should not be buying. Plain and simple.
However I think the likelihood of the home being 250-300k 10 years from now is pretty low. I think it will be in that range 5 years from now, but should come back. Also I have two kids and no way would a 3/2 home work for us. That is me though. If you think that you WILL occupy this home for the next 10 years to ride out the fixed rate period of your loan, then you will be okay. IMO if you pitched the 700 a month into a savings account for the next 24 months that would give you 16k to have as a downpayment in two years when many of us think the market will produce homes in a much lower price range. That is 5% down for a 300k house. Not alot but better then nothing. I do believe Temecula/Riverside county will take a pretty good hammering.
The hardest part of this whole thing is trying not to get emotional about the opportunity.
