5/1 FHA ARM1
4.750%
6.670%APR
An FHA Loan May Be Right for You
- If you have less-than-perfect credit
- If you have at least 3.5% available down payment
- If you have moderate debt
5/1 VA ARM2
4.750%
6.280%APR
A VA Loan May Be Right for You
- If you’re a qualified veteran, active duty service member, or reservist
- If you need a 100% financing option3
- If you need flexible income, debt, and credit requirements
- Lower initial interest rate fixed for the first 5 years
- Could mean lower monthly payments for the first 5 years
- The rate cap limits how high your interest rate can go
- A potential option if you anticipate life events, such as a career move or family changes
1 Loan example shown is based on 3.5% down payment with a sales price of $579,495, a loan amount of $568,999, an upfront mortgage insurance premium of 1.75%, and a monthly payment of $3,805.2 Loan example shown is based on 0% down payment with a sales price of $579,495, a loan amount of $591,954, financed VA funding fee ≤2.15% for first time use on VA Loan, and a monthly payment of $3,669. Total monthly payment includes principal, interest, estimated taxes, mortgage insurance, homeowners insurance and HOA. An ARM is a mortgage where the interest rate changes periodically, which could cause the monthly payment to be higher or lower. Interest rate is fixed for the first 5 years and will adjust every year thereafter. The first adjustment will have a 1.000% cap. Adjustments every year thereafter will have a cap of 1.000% and a lifetime cap of 5.000% with a margin of 2.000%. The fully indexed rate of 6.520% combines the index and margin, and it determines the monthly payment amounts after the fixed-interest period during each adjustment period. Max interest rate can be 9.750%.
Facebook LinkedIn Email