Get in now. While the interest rates are low. Even if you don’t have a big enough down payment. If you can make the payments and the PMI, do it.
The values are going to increase and the interest rates are going to increase. After 3 or 4 years you can get rid of the PMI after you have 20% equity. If you wait until you have a big enough down payment you won’t be able to make the payments.
“Get in now. While the interest rates are low. Even if you don’t have a big enough down payment. If you can make the payments and the PMI, do it.”
I agree. We have had really low interest rates that are bound to rise.
Once you get the house continue that savings mentality and direct future savings towards retirement. You need to move towards saving 10-20% of your income towards retirement savings. That might seem challenging now but it will pay off later. Good luck.