First time home purchase

Here is the deal...After being married to a "spender" for a decade, I cut my losses and ran. I had to declare bankruptcy in 1995, and discovered a good deal of "ghost debt" when i got divorced. I have since cleaned up my credit report of all things except one two year old negative entry, and of course the nine+ year old bankruptcy. I have two credit cards with zero balance, and a debt to income ratio of about 1:10 positive. Despite all my letter writing and other efforts, my credit report is still only 650ish or so. I'm staring at a gross annual income of about 65k.Since I'm military, and don't plan to be in the home greater than four years(five max) I've been told I have many options on my loan type. The area in question is very up-scale, and growing RAPIDLY! The average home price is about 210k, and they are on the market less than two weeks avg.1. Standard 30yr fixed mortgage2. Variable 15yr mortgage3. Interest only mortage4. Cash flow loan for mortgageDoes anyone have any advice on why I should steer towards or clear any of these options based on my criteria? Numbers 3 and 4 sound tempting due to extra money to be invested elsewhere, but I don't want to be blindsided due to ignorance.Thank you in advance for any and all information... by tomtom from Bacliff, Texas. Oct 20th 2009 Reply