1 Year ARM Loan
There are many variations available other than what is descibed below
Maximum Loan Amount: $1,000,000 (with acceptions)
Loan Purpose: Purchase, Refi - Rate & Term, Refi - Cash Out.
Property Types: Single Family Attached/Detached, Condominiums or PUD's (with restrictions), Second Homes.
LTV - Loan to Value: Varies by loan type, with maximum of 95%.
PMI - Private Mortgage Ins. Required over 80%.
Buydowns: Varies with program.
Gift Funds Allowed: Yes, with 5% of borrower's own funds, or all can be gift if 20% down.
Caps: Varies with program but typically 2% annual and 6% Lifetime Caps.
Assumability: Yes.
Advantage: Enjoy a low rate and payment for the early term of your loan. Some programs have a Conversion Clause, allowing you to convert to a Fixed Rate.
Be sure to look at the selections for ARM's that are fixed for the first 3, 5, 7, or 10 years before adjusting. These may be best suited for your needs.
These products and/or services are only offered in jurisdictions where they may be lawfully offered for sale. Facts and data provided are obtained from sources believed to be reliable, but we cannot guarantee that they are accurate or complete. This data is not intended to provide legal, accounting, or tax advice and should not be relied upon in that regard.
For more complete information call Howard Hudson at (503) 693-1894 or click here to send a message.
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