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I wouldn't sweat it too much. Many areas of the world have no such thing as a 30 year fixed, and they own homes just fine. The question is whether you can afford a potential payment of 10% 8 years from now. If yes, then it's shitty but no big deal. If no, then it may be a good idea to look to refi into a fixed rate after a couple years when your credit is better. I wouldn't let it burn you up too much. The exciting thing is that you have a house that you can do whatever you want with.