ARIZONA HOMEOWNERS AND BUYERS:

YOU CAN STILL PURCHASE AND REFINANCE

WITH THESE LOWER RATE ALTERNATIVES

Adjustable-rate mortgages (ARMs) and Interest-only 30-year fixed mortgages could be the short-term solution for purchasing or refinancing a home. Look at the extensive product suite I offer below: call or message me to discuss your options.

I am here to help…

Adjustable-rate mortgages offer borrowers a lower rate along with a lower monthly payment. ARMs can be a smart alternative — especially considering that fewer than 10% of borrowers stay in the same mortgage for over seven years and that the initial rate could save them hundreds of dollars each month. ARMs are also appealing to borrowers interested in short-term loans on investment properties.

ARM options are available on Conventional, Conventional High Balance and Prime Jumbo loans. Guidelines vary depending on the program.

Based on latest industry-standard SOFR (Secured Overnight Financing Rate) index

Fixed rate for 5, 7 or 10 years, then adjust every 6 months with 1% cap at each adjustment

PRIME JUMBO ARMS (5-, 7- AND 10-YEAR)

Loan amounts up to $3M

680+ FICO and up to 45% DTI

Up to 80% LTV

Eligible on primary, second and investment properties for purchases, rate/term and cash-out refinances

One appraisal required for purchase up to $3M and refinances up to $2M*

Two appraisals from two different appraisers required for refinances over $2M*

Loan amounts greater than $2M require 18 months of reserves in addition to any reserves required by AUS

PRIME JUMBO INTEREST ONLY (30-YEAR FIXED)

Loan amounts up to $3M

700+ FICO and up to 43% DTI

Up to 80% LTV

10-year interest only, 20-year amortization period

Eligible for primary and second homes for purchases and rate/term refinances

One appraisal required for purchases up to $3M and refinances up to $2M*

Two appraisals from two different appraisers required for refinances over $2M*

Loan amounts up to $1M require 12 months of reserves in addition to any reserves required by AUS

Loan amounts over $1M require 24 months of reserves in addition to any reserves required by AUS

*Terms and conditions apply: not everyone will qualify.

 

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