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Originally Posted by Ima saver
I have hearad of them and it is amazing how many people get them. They just pay interest every month and pay nothing off on the principal They are fairly common in California.
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There is no other way to buy a house otherwise in many cases.
Gruntina - ah we are neighbors then...
In our case we refused to go bankrupt over buying a house and moved. I have plenty of relatives who make good money that I Can only imagine have ARMs or interest only loans - I have no idea how you can afford a 800k fixxer upper on 100k income otherwise. But I Am just assuming...
No interest-only here. If I had to buy a house with interest only I would not feel comfortable buying it.