Given the current interest rate environment, Jumbo Adjustable Rate Mortgages (ARM) can be an excellent mortgage option that allows homeowners to get into a lower-than-market interest rate for the purchase of a home – especially when a healthy down payment is challenging to come up with.
At Bluefire Mortgage Group, we are always looking to introduce new mortgage loan programs and we are adding a new Low Down Payment Jumbo ARM program to our current selection of loan programs. One of the major advantages of this ARM program is that a buyer can get in with as low as 5% down payment!
ARM Terms Available
5-Year ARM, 7-Year ARM, or 10-Year ARM all of which are fully amortized over 30 years. The rate is fixed for 5 years, 7 years or 10 years respectively, and then adjusts every 6 months after that.
-Maximum Loan Amount is $3,000,000
-Minimum FICO score needed is 700 – 740 (depending on the loan amount)
-Minimum Down Payment needed is 5% – 20% (depending on the loan amount)
-6-27 Months of PITI Reserves needed (depending on the loan amount)
-Single Family Residence and Condos are acceptable (no multi-unit properties allowed)
-Debt-to-Income ratio is limited to 43.00%
-Delayed Financing Allowed
-Interest Only Options Available
-Asset Depletion Allowed
-Lenient Citizenship Requirements
-Limited Credit history is OK
If you have any questions about this mortgage option give us a call at (760) 930-0569 and one of our loan officers will assist you with learning more about this loan program.