Looking to offer more flexible financing solutions to your clients? Adjustable-Rate Mortgages (ARMs) could be the key to opening new doors. With competitive options available through both FNMA and FHLMC, ARMs give you the opportunity to help more buyers find the perfect fit—whether they’re purchasing, refinancing, or investing.
Note the following in regards to both FNMA and FHLMC Adjustable Rate Mortgages: 5/6 ARMs: Borrowers are limited to owning only one (1) financed property (1-4 unit); if the borrower will one more than one financed property, including the subject property, 5/6 ARMs are ineligible. IL, MA, MD (Purchase only), NM and PA: 7/6 and 10/6 ARMs require qualifying rate at the greater of the note rate or the fully indexed rate (index rate + margin). The DU qualifying rate may need to be adjusted to comply with this requirement.
ARMS ineligible for Home Possible.
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