I'd have bought a foreclosed property for half the cost. I've been in a 5/1 arm since I bought the property about ten years ago. I was a bad libertarian and got the government involved with a FHA loan- mostly cause I was being pressured by my parents to not throw away my money. So I put about 3% down and have been house poor ever since :)
I don't think you should get I 5/1 arm. I was worried that the interest rates would begin to raise on it after 5 years but because we are hell bent on destroying our currency it has done the opposite. My credit is farely trashed but the interest goes down every year. Go figure.
You wanna buy my house? Colorado. Backs to land. Front range views. Nice neighborhood, park, mountain views, patios, southern exposure great for gardening ;)
In the beginning of a change the patriot is a scarce man, and brave, and hated and scorned. When his cause succeeds, the timid join him, for then it costs nothing to be a patriot.