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MORTGAGE BROKES? Is an FHA 1 Year ARM loan at 5% a good deal? We are closing next month.?

We are financing 95%LTV. The builder is paying all our downpayment and closing costs. Also, how likely is it that we can refinance after 2 years. Our credit score isnt really all that excellent now, but we expect that if we have no more late payments and 2 existing collections disppear that we might see an improvement in our FICO score.


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This entry was posted on Monday, June 29th, 2009 at 8:23 am and is filed under FHA Financing. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.
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    3 Responses to “MORTGAGE BROKES? Is an FHA 1 Year ARM loan at 5% a good deal? We are closing next month.?”

    1. Shawna Marie says:
      June 29, 2009 at 8:24 am

      If your credit is terrible, but you qualify for FHA, then you qualify for a fixed rate. Why in the world would you do an adjustable? You are going to set yourself up for failure. The rate you've been quoted sounds like a b.s. deal, just get a fixed rate. If the builder is giving you incentives, then I'm sure you're using their "preferred lender". By using someone else I'm sure you would lose your incentives. Tell the loan officer to place you on a fixed rate PERIOD.

    2. FHA Loan Rates» MORTGAGE BROKES? Is an FHA 1 Year ARM loan at 5% a … | Fund Loans - Student Loans says:
      June 29, 2009 at 2:34 pm

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    3. FHA Loan Rates» MORTGAGE BROKES? Is an FHA 1 Year ARM loan at 5% a … | Fund Loans says:
      June 29, 2009 at 6:43 pm

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