It would have been nice to see more pertinent answers to the OP, not biting his head off.
I don’t think people should be bitter and overanalyze why and what is the OP buying. His family is probably young and if one of them is lawyer or doctor recently minted, they wouldn’t have had time to save money for 20% of those ridiculously inflated prices. They probably are to be commended they don’t have other debts. If he is a doctor or lawyer ( I am using these here as examples only) and his income is almost guaranteed to increase substantially in the near future, why not buy now?. I would too in his shoes. He has 20% of the 2001-2002 price, but only 10% of the 2005-current price. whose fault is the prices are overinflated? Anyhow, that’s why you pay PMI if you have less than 20% down. It’s extra insurance. If it makes sense for him regarding debt-to-income ratio and comparing with rent I say go for it.
And, no, he is not only paying the dowpayment 60K for housing, he will pay every month 3500-4000 at least in PITI unless he defaults immediately. And if his income will increase he will be able to afford it easily.
