Personally, I say rent. No offense, but if you can only put down 5% and must use an interest only loan to finance, I don’t think you or anyone else for that matter are/is in a position to buy.
Remember that these shady loans got us to where we are today(dangerously high speculated market w/ no fundementals to back it up). People are so desperate to say that they “own” a place, they are willing to risk financial suicide. Its at least 20% down and a regular mortgage(you at least pay SOME principal off). Good luck with your move and I also recommend cashing in on your current property and wait the 4-6 years for prices to bottom out.
