Adjustable Rate Mortgage (ARM)
- Purchase, Refinance or Construction of 1-4 family housing units as a primary residence, second home or investment property.
- Manufactured Homes and Condominiums can be financed on this program.
- Choose from our Adjustable Rate programs; with 1/1, 3/1, 5/1 or 7/1 adjustment provisions with no prepayment penalty.
- Maximum loan amount is based on occupancy, property type and loan purpose.
- Maximum loan term is 30 years.
- Index established by the one year CMT as published weekly by the Federal Reserve. Rate may increase after consummation.
- Rate Caps: 2.0% annually and 6.0% lifetime on the 1/1 and 3/1 products; 2.0% annually and 5.0% lifetime on the 5/1 product; 5.0% initially, 2.0% annually and 5.0% lifetime on the 7/1.
- The adjustment margin is 3.0%.
- Private mortgage insurance required for loans above 80% LTV.
- Secondary financing is allowed under certain circumstances.
NOTE: All terms and conditions are subject to change without notice.Apply Online