I was a mortgage loan officer until March, right before I came here. Other people's advice based on what they have or are doing is most likely of no real value to you because everyone has unique circumstances. For example, someone with same pay as you says they can afford the payments on a loan amount that is much more than what you are anticipating, what type of loan do they have? Do they pay interest only? Is it a negative equity loan (meaning their payments are less than the interest that is actually accruing, therefore the balance of their loan increases vs. decreases)?
I personally don't see a problem with a 100% loan assuming you are not planning on being there short term (less than 5 years), especially if it is on the lower priced scale (2nd year pay) and doesn't have much room to depreciate in value. My advice is to make sure you get a fixed rate no longer than 30 years. A lot has happened in the mortgage industry since I left, so I'm kind of out of the loop as to all the different options and programs going right now so I can't really help you much more than this. I still have friends in the business, so if you want contacts of people who won't rape you in arse, pm me.
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