I know this question has been asked before, but everyone's situation is a little different so I wanted to get specific advice on mine. I am currently in negotiations with a lender and a real estate agent for a particular house. I am not sure of my rates yet, but I will be going FHA since my credit scores are only in the mid 600s (up from mid 500s in few short months thanks to these forums!) I will be finished school in about 2 years and expect to be able to get a higher paying job. I found my dream house that I can currently afford, and do not want to wait any longer. I do not want to sign another lease so I am virtually homeless right now. So I expect my income and credit to only go up from here, and hopefully substantially so. My question is, would it be a bad idea to get an ARM so my current payments are lower and then refinance in a few years when my credit is better? And even if my payment went up before I refinanced I expect to have more money so it should be okay. Also, I do not currently have a husband or kids so if ever need be, I could get a roommate to help out. Is there a reason that I should stay completely away from ARMs in my current circumstance? Thanks for any input, and let me know if more details are needed.
