Why not get a 3.5% down FHA loan, in 2 years when the housing market has settled down, put in your 20% scraping the mortgage insurance. In the meantime you have a cheap hedge against housing deflation. And if it gets really ugly, just stop paying…you may easily get your 3.5% back in missed payments.
This may or may not be “moral,” but it is a contract. You mine as well game the terms to your advantage.
