Adjustable Rate Mortgages

We offer “in house” Adjustable Rate Mortgages (ARM’s) for both home purchases and mortgage refinances.
1 Year Adjustable Rate Mortgage:
Rate which adjusts annually no more than 1% per year with a lifetime cap. Borrow up to 95% on a home purchase and 90% Loan to Value on a No Cash Out Refinance or 80% Loan to Value on a Cash Out Refinance.
10/1 Year Adjustable Rate Mortgage:
Rate which fixed for the first ten years, then adjusts annually no more than 2% per year with a lifetime cap. Borrow up to 95% on a home purchase and 90% Loan to Value on a No Cash Out Refinance or 80% Loan to Value on a Cash Out Refinance.
VERIFICATION OF INCOME
- Two most recent paystub(s) covering the last 30 days
- Two most recent W2 forms from all employers
- Self-employed borrowers must provide two most recent tax returns including schedules
VERIFICATION OF ASSETS
- Two most recent checking, savings or investment statements to verify funds for down payment
REQUIRED DOCUMENTS
- PURCHASE TRANSACTION
- Copy of Purchase Contract with Addendum
- REFINANCE TRANSACTION
- Copy of Deed
- Copy of Abstract of Title
- Survey
- Copy of Tax Bills and Receipts
- Copy of Home Owners Insurance Declarations Page