Buying a home?

 

 

Our FHA adjustable-rate mortgage (ARM) provides many advantages. 

Interest rates are historically low and there are plenty of homes to choose from. A government-insured FHA 5/1 adjustable-rate mortgage (ARM)1 may provide additional benefits.

Benefits within an ARM’s reach:

• The initial interest rate (start rate) is very attractive and principal-and interest payments are fixed for the first five years after which the payment may increase.

• There are built-in limits on the amount the interest rate can change at each rate adjustment.  The interest rate can go up or down a maximum of 1% at the initial and subsequent rate adjustments and a maximum of 5% above or below the note rate over the life of the loan.

• High loan amounts up to $729,750 are available in certain metropolitan areas with high housing costs 2 (Interest rate is illustrative. Rates change daily. Contact us for current rates).

 

FHA 5/1 ARM:

$193,000 Base Loan Amount with 3.5% Down Payment:

Months 1 - 60: Interest Rate: 2.750% / APR: 3.163% / Monthly Payment: Between $960.11 – $952.69 1

Months 61 - 72: Interest Rate: 2.375% / APR: 3.163% / Monthly Payment: $859.55 1

Months 73 - 103: Interest Rate: 2.125% / APR: 3.299% / Monthly Payment: Between $836.37 - $831.99 1

Months 104 - 360: Interest Rate: 2.125% / APR: 3.299% / Monthly Payment: $760.22

 

$197,342.50 Total loan amount (with 2.25% financed FHA Mortgage Insurance Premium):

FHA 30-year fixed-rate:

Months 1 - 122:

Interest Rate: 4.875% / APR: 5.559% / Monthly Payment: Between $1,132.21 - $1,115.051

Months 123 - 360: Interest Rate: 4.875% / APR: 5.559% Monthly Payment: $1,044.36 

 

Call me Today to get started on your loan application - with these rates NO one should be waiting to buy!

 

Interest rate and monthly payment amounts on ARM loans may increase after consummation. The payment amounts provided do not Interest rate and monthly payment amoutns on ARM loans may increase after consummation. The payment amounts provided do not include homeowner’s insurance or property taxes which must be paid in addition to your loan payment. Your actual payments may be higher. Closing costs are assumed to be paid by the borrower at closing. If the closing costs are financed, the loan and payment amounts will be higher. Your loan’s interest rate will depend upon the specific characteristics of the loan transaction and your credit profile up to the time of closing.

1. Interest rates may increase after consummation.

2. Increased FHA and conforming loan amounts are only available on loans closed and funded on or before December 31, 2010.