what are some home loan options that reduce the initial monthly payments?

We’ve made an offer on a home, and i really love it!! it’s perfect!! (well, as perfect as we’re going to find within our budget) it’s $ 149,000.

we are getting $ 10,000 due to the Oregon Housing and Community Services (OHCS) Purchase Assistance Loan (PAL) and getting the rest via a loan (we’re covering the expense of the inspections, though). It comes out that our loan, at 6.75% (6.5% is the lowest that a loan would be here) will have a monthly payment of about $ 1200 (PITI, principal, interest, taxes, insurance–also $ 115 of that is mortgage insurance because the loan is >80%)

is there any options we can look into for lowering our monthly payment at the beginning? we just found out (after making the offer) that we’re having our first baby in feb and i’ve made a budget for my time off & shortly after & we’re just a little short due ONLY to medical expenses… my husband is trying to find a better job, too. we’re definitly going through with this if at all possible.
i was told to look into an 80/20 loan, that would reduce the payment by $ 70 / month.

is there any other loan options?

will Oregon Housing and Community Service (OHCS) Residential Loan Program State Bond Loan help to reduce the monthly payments? (i’m sure we’ll qualify since we qualified for the PAL)

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