If you can't afford to pay anything towards the principal now, what makes you think you'll be able to a few years from now. Buy the home that you can afford by getting a conventional mortgage. Don't count your chickens before they hatch.
If in a few years you can afford a larger payment and want a larger house, you can sell and get and get a different one.
The only ones that are coming out ahead on these intrest only mortgages are the banks.
Just live within your means. |