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Adjustable Rate Programs

ARMs Offer Lowest Interest Rates Available

An adjustable-rate mortgage (ARM) is a loan with an interest rate that changes. ARMs commonly start with much lower down payments than a comparable fixed-rate mortgage, but it is important to keep in mind:

– Your monthly payments could change
– Your mortgage payments may increase even if interest rates do not
– Your payments may not go down much or at all even if interest rates go down

ARM Benefits:

  • Usually lower mortgage payments than fixed-rate mortgages
  • Lower rates available
  • Save money when not staying in the house long-term

ARM Eligibility:

As per the Freddie Mac website:

  • Loan Prospector®
  • Non-Loan Prospector
  • Loan Prospector Caution Mortgages and Non Loan Prospector mortgages must be manually underwritten per Guide Chapter 37.
  • Minimum Indicator Score of 620 unless otherwise specified in the Guide (Loan Prospector A-minus mortgages are exempt).
  • Maximum debt-to-income ratio of 45 percent for manually underwritten mortgages.
  • All mortgages must meet the risk class and/or minimum Indicator Score requirements in Guide Exhibit 25
  • Originate with most Freddie Mac mortgage products, including Home Possible Mortgages (5/1, 7/1 and 10/1 ARMs), Financed Permanent Buydown Mortgage and more.
  • Reference Guide Section 30.16 for more information.

Freddie Mac,

Steps to ARM:

Before you start the ARM loan process, be prepared to provide some information to one of our loan officers.

  • Social Security numbers
  • Address
  • Gross monthly salary
  • Banking and financial information
  • Tax returns