23 May First time buyer questions.
I am a 32 yo male that has been renting since I moved out on my own. I currently have a state job where with overtime I make at least 50k a year.
This past month I started looking at houses but decided that I was just going to renew my lease for another year to save up money.
The state employees credit union is offering me a 30 year arm with no down payment and no pmi. As I said above I decided to put my search on hold for a year but I was wondering when I do start looking again this time next year, what should I be putting the money I saved up towards.
would it be better to use the money I save up to make a down payment even though I'm able to finance 100% of the house? Or would it be a better idea to use the money I save up to be able to increase my price range on what I could afford?
Also I have heard from some people that a 30-year ARM is not so much of a good idea and I should probably be looking at a fixed rate mortgage is there a reason a fixed rate would be better for my situation?