This portfolio product, offered by C&F, provides the opportunity for homeowners to finance a higher-priced home at a lower rate for 7 years with a 30-year amortization. This allows the monthly payment to be lower than a 30-year fixed rate for the first 7 years and then adjusts every year thereafter based on current interest rates.
Program Highlights:
- Up to $1,000,000 loan amount
- Single unit properties only
- Primary and second home options available
- VA and NC homes only
- 80% maximum loan-to-value | 70% maximum loan-to-value on second home
- Ability to use qualifying assets for income qualification regardless of borrower’s age
- Streamlined application and approval process
- Fixed rate for 7 years the adjusts every year thereafter based on current interest rates.
- Property address required
C&F 7-1 ARM: This allows the monthly payment to be lower than a 30-year fixed rate for the first 7 years, and then adjusts every year thereafter based on the current interest rates.