While the name of this type of loan almost says it all, there are certain things about Adustable Rate Mortgages (ARMS) that you should know.
In addition to standard programs that adjust annually, our programs provide an initial rate for three, five or ten years before the rate adjusts at all. This option is best for those who want added payment stability and lower monthly expense.
NEW: FIRST TIME HOMEBUYER FTHB 10/1 ADJUSTABLE RATE MORTGAGE
Financing available for purchases up to 90% of the sales price or appraised value; whichever is less, with no Private Mortgage Insurance (PMI) required.
If you qualify for the First Time Homebuyers Tax Credit, we will loan you up to $8,000 or 10% of the purchase price; whichever is less in conjunction with the 10/1 ARM. This can be used towards your down payment. Please contact our Mortgage Call Center at 813-621-7511, or toll-free 800-999-5887, extension 86391 for additional details.
Please note that other loans in excess of 80% loan-to-value require Private Mortgage Insurance (PMI). PMI is not available if your total debt ratio exceeds 41% or on our 3/1 ARM product. Escrow will also be required on your loan.
Properties in excess of 5 acres will have a 1.0% rate increase over the daily posted rate for the product selected.
First-time homebuyers no longer tend to stay in their "starter" home for 30 years and experienced homeowners often plan to payoff their mortgage long before the 30 year maturity date. Both of these types of members may benefit from choosing an ARM product with an initial fixed rate period that corresponds with the amount of time their loan is expected to be outstanding.
