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3/1 ARM Loan with 2/6 Caps
5/1 ARM Loan with 5/2/5 Caps
Interest Only ARM
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| 3/1 ARM Loan with 2/6 Caps |
| Program offers a fixed rate of interest and stable payment for 36 months. Thereafter, interest rate and payment can change every 12 months. 2% annual caps in place to protect borrower from large increases in rate and payment. 6% lifetime cap. Loan amounts available up to the Fannie Mae maximum loan amount, presently $417,000. |
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| 5/1 ARM Loan with 5/2/5 Caps |
Program offers a fixed interest rate and payment for 60 months. The maximum interest rate adjustment at the first adjustment date is 5%. Thereafter, the interest rate adjusts annually with a maximum interest rate change at any one adjustment date of 2% and a Lifetime cap of 5%. Loans available up to the Fannie Mae maximum loan limit of $417,000. . |
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| Interest Only ARM |
| This ARM loan offers a fixed period adjustable rate with an "interest only" period which coincides with the initial fixed rate period of the loan of 5 or 7 years. After the initial fixed rate period, the interest rate adjusts at 6 and 12 months until the loan has fully amortized. |
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