<prompt> Human: Thanks in advance PF, you guys have been a wealth of information over the years.Situation:Home purchase price: 290kDown payment: 140k family giftFHA 30 year fixed at 3.65 rate - 150k mortgageClosing cost and upfront PMI come from checking account, not savings8 month emergency fund on hand3 bedroom house, have 2 renters lined up not necessary, but attractive that are lifelong friends. Property taxes run 350monthAnnual income is 55k base 60k with bonusesNo debt, no school loans, no car payment for next 4 or 5 yearsPMI required as I just graduated college and have a credit history of about a year with few accounts. So, PF, what are your thoughts? Am I crazy for picking up a 1250mo mortgage? I intend on treating it like a rental property that I also live at, considering I can if I have to make the mortgage without roommates with my current budget.An apartment here in Houston is 1200 so my thinking is to buyown and build equity with optional renters.  <response>: Mortgage insurance is required on all FHA loans, it has nothing to do with your own personal lack of credit history. But if you have a 50 down payment, why are you bothering with a FHA loan? 