 |
 |
FHA ARM
|
| Program
Description |
|
FHS
ARM |
|
|
|
| Loan
Terms |
|
30
Year Amortization. Caps: Annual - 1%, Life - 5% |
|
|
|
| Eligible
Transaction |
|
Purchase,
Rate/Term Refinance, Cash Out Refinance |
|
|
|
| Loan
Size Limit |
|
Maximum
loan amount per FHA guidelines. Contact your Account
Executive for Maximum Loan Calulation Worksheets. |
|
|
|
| Occupancy |
|
Owner
Occupied, Primary Residence |
|
|
|
| Eligible
Property Types |
|
Single
Family Detached and Attached (1-4 units), HUD Approved
Condos, HUD Approved PUDs |
|
|
|
| Mortgage
Insurance |
|
Per
HUD Guidelines |
|
|
|
| Qualifying
Ratios |
|
Qualify
at start rate for 95% LTV and lower.
Qualify at 1% over start rate for 95.01% LTV and higher.
Housing/Total Obligations 29/41 |
|
|
|
| Income
Requirements |
|
No
maximum income requirements. |
|
|
|
| Settlement
Costs |
|
Must
be 3% of the lower of the sales price or appraised
value. |
|
|
|
| Escrow
Waiver |
|
Maximum
80% LTV, .250 discount points, Maximum Ratios 33/38, Six
Months PITI in reserve after closing, Excellent job
security, Not permitted on Cash Out Refinances,
Impeccable credit history |
|
|
|
| Maximum
Seller Contributions |
|
LTV
equal to or lesser than 90% - 6% of value
LTV greater than 90% - 3% of value |
|
|
|
| Secondary
Financing |
|
Per
HUD regulations |
|
|
|
| Lock
Periods |
|
10,
25, 40, 55, 70 and 85 day locks are available.
|
|
|
|
Adjustments
Adjustments subject to change without notice.
Check daily rate sheets to verify. |
|
All
loan amounts 10K - 25K minus 1.500
All purchases add .250
80/10/10 or 80/15/5 minus .250
Waive Escrow minus .250
Lock extension: The following adjustments apply if
the current market is worse than the original lock
terms. If the current market is better, no adjustments
need to be made.
Short-term (3 business days) minus .125
Long-term (15 calender days) minus .375
Only one extension per loan will be accepted. |
|
|
 |
