I am curious to know if you can buy an FHA loan that is a 7/1 ARM? Do these exist or does FHA only offer fixed rate loans?
p.s. the ARM isn’t for me. Please only knowledgable people answer, not looking for opinions on why the market is where it is.
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You DON’T want an ARM, that’s what the whole mortgage crisis is about. Get a excellent FHA fixed rate and know what you owe over the life of the loan.
Whether it’s for you or some one else, ARMS rarely make sense, particularly in this market with low interest rates.
arms yes and under my comunity which is a government loan a 7/1 arm is still there
Yes FHA offer Adjustable rate mortgages as well as fixed rate mortgages.
You should meet with a mortgage broker or banker that does government loans.
Once you have selected a mortgage broker or banker, he will need to complete a mortgage loan application and run a credit check.
After these two things have been accomplished he can tell you all the programs you are qualaified for to include fixed as well as any adjustable mortgage.
You should select the mortgage that fit your financial situation at the time you are prepared to buy your home.
The mortgage crisis was not caused by Adjustable mortgages. Part of the mortgage crisis was caused by ignorance.
Make sure that you and the mortgage broker are on the same page and know what your objectives are as far as what you are seeking in a mortgage.
Make sure you know any mortgage program you are qualified for. Let your mortgage broker clarify any adjustment period, the amount of each adjustment and the rate adjstment also.
Now you should be able to see if you will be able to handle any future adjustment to your mortgage. Keep in mind that most adjustments are up and not down.
Understanding any mortgage program will place you in a better situation to make an informed choice based on your financial situation.
A 30 year fixed rate is not for everyone, as an adjutable mortgage is not for everyone.
Keep in mind that the situation has to fit your financial situation. It can not fit your friends because he does not have the same circumstances and debts or credit score you have, you do nor do you have the same circumstances debts or credit score he does.
I hope this has been of some use to you, excellent luck.
“FIGHT ON”
Hey Eric , that is a fantastic question you can take up at this website, you can find the best solutions as well as even attend seminars to best educate you on the subject. You should give it a look.
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