Deja vu! I felt that way when I was shopping for my house on the East side. Blew my mind what a quarter of a million would buy - and that was five years ago. If at all possible, do not get the interest only loan - the forecast is that with the new FED chairman in place and the economy looking up, interest rates will skyrocket after the first of the year... If you don't have the capital for a down payment, look into the possibilities of an 80/20 - the 80 being fixed, the 20 being variable. You would be paying PMI, but it is worth it to get your foot in the door. Work the amortization schedule and whoola, soon you own the whole dern thing. We were able to re-fi after a couple of years to a 15 year fixed, we worked the schedule, and were able to eliminate 7 years of interest. Good luck.
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Blew my mind what a quarter of a million would buy - and that was five years ago.
If at all possible, do not get the interest only loan - the forecast is that with the new FED chairman in place and the economy looking up, interest rates will skyrocket after the first of the year...
If you don't have the capital for a down payment, look into the possibilities of an 80/20 - the 80 being fixed, the 20 being variable. You would be paying PMI, but it is worth it to get your foot in the door.
Work the amortization schedule and whoola, soon you own the whole dern thing.
We were able to re-fi after a couple of years to a 15 year fixed, we worked the schedule, and were able to eliminate 7 years of interest.
Good luck.