FHA Variable Rate Loans

 30 year term.
Maximum Loan Amount: Varies by Geographic area.
Loan Purpose: Purchase, Refi - Rate & Term, Refi - Cash Out.
Property Types: Single Family Attached/Detached, Primary 1-4 Units, Condominiums or PUD's (with restrictions).
LTV - Loan to Value: 97% normally (restrictions apply).
PMI - Mortgage Ins. Premium Per FHA Guidelines; normally 1.5%(financed) + .50% monthly.
Buydowns: Yes.
Assumability: Yes, to qualified buyers.
Gift Funds Allowed: Yes.
Rate Caps: 1% Annual, 5% Lifetime. Beginning Rate 1.5 - 2% lower than fixed rate program.

Advantages:

  1. Enjoy a low rate for the early term of your loan.
  2. Excellent for first time buyers - small investment needed to close.
  3. Income/Debt ratios more lenient than Conventional loans.
  4. Generally best choice if planning to stay in home less than 4 or 5 years.
  5. Ideal for people who relocate frequently.
  6. Ideal for people who know they will outgrow the home in a few years.
  7. Good program for first time buyers/newly weds or individuals going through personal/professional transitions.

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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