My liberal (not Moonbat) Mom bought a house with an ARM.

She came close to losing it, and got offered a job out of state. I moved in and assumed the mortgage so she wouldn't lose the house. After 9/11 I lost my job. For a year. I did every odd job I could think of, and got roommates to make sure we could pay that damn mortgage that kept creeping up.
Once the market started improving, I convinced her to sell. That damn ARM kept going up and up. I couldn't handle it. We sold that durn house and moved on.
When I bought my first home, I waited until I knew I could afford it, and saved enough so that my monthly rate would be something I can afford. It isn't in a perfect neighborhood, and it ain't fancy, but it's all mine. Well, currently mine and my lender.

Never bite off more than you can chew DUmmies.