2 interest only loans. Floating APR. Michigan (recourse state)
80/20 put $0 down
149,000 with Citimortgage
37,000 with Bof A
House value $110,000
Monthly Gross $4500
Payment (with taxes and insurance) $1100 (total includes both loans)
Current on both loans
Want a 30 year fixed loan. Can't get help because I can afford the payment now. I won't be able to afford it once the principle kicks in in 3 years. The house needs a TON of work and I am hesitant to spend money if I won't be able to afford it in the end.
Do I stop paying, save the cash and start over or stick it out and hope that at some point I qualify for help?