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FHA Single Family Adjustable Rate Mortgages

FHA’s single family ARM program provides mortgage insurance for a person to purchase or refinance a principal residence at a lower initial interest rate. The mortgage loan is funded by a lending institution, such as a mortgage company, bank, savings and loan association and the mortgage is insured by HUD.

What are the eligibility requirements?

  • Borrower must meet standard FHA credit qualifications.
  • Borrower is eligible for approximately 97% financing. Borrower is able to finance closing costs and the uppermost mortgage insurance premium into the mortgage. The borrower will also be responsible for paying an annual premium.
  • ARMS can only be used in conjunction with Sections 203(b), 234(c), and 203(k).
  • The index used to determine the interest rate is the U.S. Treasury Security adjusted to a constant maturity of one year.
  • Eligible properties are one to four unit structures.
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Questions about mortgages?

Feel free to call us at 800-481-2956 or fill out our quick contact form

Check out our reputation and what people think of us at http://www.lendingtree.com/lender-reviews/patriot-financial-inc-18155/ 
Please also look up our lender reviews at
http://www.zillow.com/profile/Matt-Hess/
Member Accredited of the BBB

 

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Copyright © Patriot Financial Inc. NMLS #1642 www.nmlsconsumeraccess.org | Where we lend | Privacy | Terms of Use | Login