Help? I'm totally clueless : comments.
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![[personal profile]](https://www.dreamwidth.org/img/silk/identity/user.png){kind=small}
(no subject)
I would never do an ARM. We don't have to. Our credit is good and we make enough money to qualify for a regular mortgage. We do not have a down payment though. We would have to do a first time buyer program with 0 down -- if we decide to buy this year. I am uncertain about doing that -- but David and several other people seem to think it is not a big deal.
I'm feeling a little pessimistic. I think it will be impossible to find a great place that is big enough for us in a neighborhood we like - that we can afford. But we can rent so it is not a big deal.
(no subject)
ARMs aren't necessarily for people with bad credit, ARMs are used as a way to buy a house you can't afford now but anticipate you will be able to afford later. The initial payments are at a lower interest rate and then the rates can change, which is where a lot of people have been surprised because the low rate can be really artificially low. If interest rates were going to be pretty flat it wouldn't be a bad idea but they are likely to go up.
You never know, you might be able to find something. But as you say, if not you can always rent.
(no subject)
Have you been looking at places to buy? I imagine I would need a while to settle into my new job and sublet before I could get into house hunting mode if I were you! In fact on my current super low energy I would need a nap every other hour. :(