Tommy, buy a piece of land w/a home already on it; finance it; tear down the home that's on it and rebuild when you're ready.

ARM's had their place - they had their reason. If you were intelligent, and business savvy, investor oriented, you could have made them work for you. However, if you took the ARM just to have extra money to blow on your Mercedes, Lexus, or Jewelry collection - then fuck you for helping ruin our economy.

IE: I setup an ARM for an investor of mine, and it was something like this: He owned 13 properties, of which 5 of them were financed. He was not covering all the expenses on all 5 properties with the rental income from the 5 properties. So we opted for an ARM mortgage, and got him to reduce his monthly expenses drastically. So drastically in fact, that he was able to - through the course of the 3 years of the lowest interest rate, and minimum payments that he had been making - that he was able to actually purchase a 14th property during that 3 year time-frame, and also was cash-flowing his 5 properties now. After the 3 years expired, he simply refinanced them, and now with the extra property added to his monthly income, all 5 other homes refinanced back into a traditional mortgage, he is all set, and fat and happy with his 14 properties