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Homebuyer Benefits:- Lower initial rates - purchase MORE house for your money
- Lower payments - a smart choice if you have a high likelihood of selling or refinancing
- Easier loan approval - lower monthly payments make it easier to qualify
- No surprises - adjustments at specified times during the life of the loan means you know exactly when to expect change and how the change may be
Convertible ARM:
- Lower initial ARM rates and the option to convert to a fixed rate within the first 5 years of the loan.
- 7-day "look back" option allows YOU to decide when to convert.
Flexible Payment Options:
- Ask about the Interest-Only feature for your ARM.
- Buy down your interest rate with no additional cash required at closing with some programs.
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Disclosure Notice:
This information was correct as of the time this document was prepared. However, loan programs are subject to cancellation or change without notice. Restrictions apply. Some products may not be available in all states. Some programs require excellent credit and the requirements for such loans may be tougher. Examples of factors that may disqualify an applicant for such programs are: late payments, unpaid balances on accounts too high (e.g., credit cards at maximum), credit history too short, too many accounts (with balances). If you apply for a low documentation program, lender will order your credit report (and that of any co-applicants) to confirm excellent credit history and timely account payment, particularly for the past 24 months.
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