First House Hack Motivations

[Hayden Schaefer]

Greetings, I and a friend live in the NoVa area right outside of DC. We have a desire to dive in and buy a property together, yet we have enough of a downpayment for only 3 percent between the two of us. However, we have the ability to get a 3rd party involved that would help pay for the down payment to get us to 20 percent. This third party would act more as a personal loan rather than a straight up gift. It would equal the rate of the interest rate we were approved for. What do you think is the best course of action? Wait and get more capital? Buy it at 3 percent? Buy at 20 percent? Here for all the help!