We put an offer in on the home that we are currently renting for $800 a month last night for $80,000. They are asking 89,900. We have $16,000 to put down and we were told we could do a 10 year fixed mortgage at 2.875%. The payments will be $614 monthly. My husband's credit isn't the greatest, he is at 632. Did we jump the gun? Is this a good rate? Are we shooting ourselves in the foot? I have never bought anything this expensive before and I am FREAKING out! We hope that they will meet us in the middle at $85,000 on the price.