Wait a few years and you may be able to do a rate and term refi to remove the PMI

Lenders are going to charge an origination fee and interest rate for each project.

Good (but few) opportunities are popping up given the current interest rate levels

Many builders are offering great incentives right now for buying down your rate permanently, and/or paying some/all of your closing costs. 

I'd like to rent the property out for a few years, see where interest rates are at the end of the balloon, and decide whether to refinance in order to keep it or sell it. 

With rent and mortgage costs doubling in recent years, affordability for locals has decreased significantly.

@Timmy ChenWe are seeing some of the best investments for new homes because of the lender rate buy downs.

USBank has one of the best rates for high yield savings.

Quote from @Sheila Nyandebvu: I believe the law requires them to provide a settlement statement 72 hours prior to closing, and you should definitely have one during closing.Do you have any documentation showing what rate they quoted when you first applied?

Plus, I see that you’re a realtor—that puts you ahead of quite a few novice investors.At any rate, feel free to ask me anything about investing in Chattanooga or other markets in the Sunbelt.