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What do you mean by why is this allowed? Many lenders are offering rates below 4% for ARMS.
This should not be allowed. People are not responsible enough to take on ARM loans. I thought the government was suppossed to but an end to arm and interest only loans. Suppose the rates increases to 9 percent and they can not refinance?
This should not be allowed. People are not responsible enough to take on ARM loans. I thought the government was suppossed to but an end to arm and interest only loans. Suppose the rates increases to 9 percent and they can not refinance?
There are no bad loans- every program serves a good purpose if used as intended- just bad fits between programs and clients.
ARM's, interest only , and even Option ARMS are all good loans used properly and not to find the lowest possible payment you can qualify for to get into the house.
ARM's- short term ownership. Company transfers regulary, assigned to a location for a limited time period(1-2 years). Just got married, just had kids and will move up soon, kids are getting older and will be leaving for college soon, retiring, invetsment property- all reasons you would be selling in a defined time frame.
Interest Only- these can be fixed or ARM's. Variable income such as commission or business owner. Want to keep monthly obligation as low as possible. All interest only are not ARM's as low as possible.
Option ARM- Vacation home with highly variable rents, or highly incentivized income. Get $20k month rent over summer for beach house but only $1k in winter. Base salary of $40k a year but make $200k in incentives paid quarterly or less often. This is not a loan program for W-2 earners like it was used.
There are no bad loans- every program serves a good purpose if used as intended- just bad fits between programs and clients.
ARM's, interest only , and even Option ARMS are all good loans used properly and not to find the lowest possible payment you can qualify for to get into the house.
ARM's- short term ownership. Company transfers regulary, assigned to a location for a limited time period(1-2 years). Just got married, just had kids and will move up soon, kids are getting older and will be leaving for college soon, retiring, invetsment property- all reasons you would be selling in a defined time frame.
Interest Only- these can be fixed or ARM's. Variable income such as commission or business owner. Want to keep monthly obligation as low as possible. All interest only are not ARM's as low as possible.
Option ARM- Vacation home with highly variable rents, or highly incentivized income. Get $20k month rent over summer for beach house but only $1k in winter. Base salary of $40k a year but make $200k in incentives paid quarterly or less often. This is not a loan program for W-2 earners like it was used.
Okay. Is it possible to get a 30 year fixed loan with no downpayment providing it is in your price range?
Okay. Is it possible to get a 30 year fixed loan with no downpayment providing it is in your price range?
There are 2 no money down programs still available.
VA and USDA Rural Housing.
VA qualifying is self explanatory. USDA has 2 qualifying factors-the home must qualify and the borrower must qualify as well. The home must be designated in what is considered a rural area- hold up on what your thinking it is a lot more liberal definition than farmland or out in the middle of nowhere. Have your Loan Officer run the address throught the USDA website to see if it qualifies. There are also maximum income limitations for this program that are based on where you live as well as the number of memebers in your household so again your LO can check your local qualifying limits based on the location of the property.
This should not be allowed. People are not responsible enough to take on ARM loans. I thought the government was suppossed to but an end to arm and interest only loans. Suppose the rates increases to 9 percent and they can not refinance?
What? I have a ARM, so are you saying I am not responsible. Since some people dont drive to well, should we take cars away from everybody?
3.99% that's too low, How can they give that much low...
What I meant was, I was quoted 4.25% to 4.65% 5/1 ARM. He got a good deal
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5 year ARM
