Realistic plan for suburbs of Denver?

[Alex Beaulieu]

Hey all! My wife and I have been patiently waiting to buy in this crazy Denver market for a while now. We want to buy a primary residence in the Ken Caryl/Littleton area in early spring 2023 with the intent living in it for 3-5 years (most likely closer to 5) and then renting it out completely when we move back to the east coast. 

I believe most lenders are okay with this so long as you live in your primary residence for at least 1-2 years correct? Our intent would be to put 3% down on a 30 year ARM to take advantage of a lower interest rate for the first five years of the mortgage and then potentially refinance to a conventional fixed rate at the end of 5 years if it was favorable to do so. I also believe we won't have to deal with PMI if we go with one particular lender which helps as well.

Does this seem all realistic? It seems like the market in Ken Caryl and Littleton is pretty hot and will be for the next few years. I wouldn’t think we would have any trouble finding tenants once we decide to rent the house out. Thoughts? Thank you!!