patientlywaiting
“But considering how much house prices will drop, those financing schemes don’t mean much. Buy a house at a price you can afford not because of financing schemes.”
I will totally support this statement. I don’t think anyone should use any other financial instrament unless they can afford the 30 year fixed. Once the 30 year fixed is management the ability to use IO, neg am, ARMS etc become vialbale options becasue you can already mangement the payments. At this point it is just a matter of whether or not you can get a better rate of return investing the differnce.
Best scenario is to identify something you can afford and then use the affordable-income programs.
But be aware that if you do well, get married etc you can quickly exceed the income limits and all of a sudden you are trapped in the middle. It happend to me so I speak from experience.
