Adjustable Rate Mortgages

We can often do an adjustable rate mortgage that starts around 2% below the 30 year fixed interest rate.  You can refinance any time.

Income - Generally you will need income of about 3 times the monthly house payment including tax and insurance.  We will use the max interest rate for the first 5 years to qualify you.  We will not know for sure until you have filled out an application and provided proof of income.  We can usually review an application and get you an answer within 1 business day.

Down Payment - The down payment is usually between 5-10%.  If you have enough income and 10% down, you will generally qualify.  If you have 5% down, then other factors will come more into play.  

Other Terms - IR usually 2% or so below the 30 year fixed rate (have been offering around 8% lately), $0 origination fee, can only increase 1% each year with a cap at any given time of 6% above prime.  Fully paid off in 30 years.