[hrbatyfan]

Thanks for the help so far.

The loan amount is $140,000 for a condominium in a solid, appreciating area of Atlanta, Georgia. The payment, HOA fee, property taxes, condo insurance, PMI, utilities all make it in line with my salary of $40k + commission (will be at least 60k total for my first year out of college.

All of my closing costs are being paid for by the seller thank god, including setting up the 3 month escrow for taxes, insurance, etc.

I quite possibly might not be in the condo over 5-7 years, but at the same time I may fall in love with the area, love the payment once I start making even more money, and even if I leave before 5-7 years I can potentially selectively rent it out as it is a great location for that. I just wasn't willing to take a risk on a ARM, when I could get fixed money at a decent rate.

It is 100% financing, but not an interest only loan, etc. I had enough money for a down payment, but it wasn't enough to make a huge dent. I already can earn 5% on money in my money market with zero risk, not to mention other investment options can do better. In a perfect world I would have had 20% to put down, but I feel comfortable with what I am doing.

Thanks again for bringing up all these points as you have to look at home buying holistically.