This program offers two term options: a 30-year fixed-rate mortgage or a 7/1 ARM (Adjustable-Rate Mortgage). The ARM offers a lower, fixed rate for the first 7 years, giving buyers time to build equity and plan for the future. This is a 30-year loan with an initial fixed-rate period of 7 years followed by an adjustable-rate period which then adjusts every year based on current interest rates. The rate may increase after closing.
Program Highlights:
- Up to 100% financing (0% down payment)
- Primary residence, purchase only
- No income or property location restrictions
- Loan amount up to conforming loan limits