I'm wondering if i should buy a home? I owned a home that was sold in a Short Sale over 1 yr ago. The debt was settled for less the amount and the rest was wrote off. Since the Short Sale I have received a promotion and my income has increased. I currently pay 740 a month in rent. The only lender I have been able to qualify with is a local credit union. They have approved me for a 5/1 ARM. The majority of lenders and programs have a 3 year wait after Short Sale. I am looking in the 120k range which the lender said would put my debt to income at 35%. My FICO score is 680 and the only negative mark is the short sale. Should I proceed with the 5/1 ARM and hope to refinance to a fixed in a few years? I was considering going after a short sale to get immediate equity. I really hate paying this much in rent. Please Help! Grand Haven,MI | May 6th 2011
by lscatwo... Answer