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Conventional 7 Year ARM

Loan Term: 30 / 25 / 20 / 15 / 10 years
Max Loan Amount: $417,000

Equity Required:
5% of appraised value
Available for: Owner-occupied primary residence, second home, investment property, 1-4 unit properties


Loan Features:

Quick and easy builder approval
We have years of experience working with builders in the area that will prove very valuable when you build your next home.

It's easy
We realize building your next home can get complicated. That's why we try and keep it simple by offering a one-time closing, one application combined construction permanent loan.

Various rate lock options
We offer a variety of rate lock options to help you achieve the rate you desire. Your personal loan officer can help you choose your most effective rate lock option after you apply for your mortgage.

Consider choosing this loan if:


You are going to build a new home and need financing for the construction.


You want options. Choose from a variety of programs, including our fixed and adjustable rate programs.

To Proceed:
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Other
Rehabilitation loan options:
Conventional 7 Year ARM
FHA 203K Fixed Rate

(click on the loan to learn more about it)
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Learn more (key terms and concepts)


FHA Home Loans
FHA Home Loans feature low down payments and flexible guidelines to make it easier to qualify. FHA loans are popular with first time home buyers but they can be equally attractive to move-up buyers. FHA home loans are insured by the Federal Housing Administration (FHA), a division of Housing and Urban Development (HUD). HUD does not generally provide the funds for the mortgages, but they insure (see Mortgage Insurance) mortgage loans made by private industry lenders such as banks and mortgage bankers. HUD/FHA offers a variety of single family home loan programs including single family (1-4 unit homes) mortgage lending programs.

Maximum Loan Amount
Loan Amounts for conventional loans can vary in size, but can not go over $417,000 for a single-family home. The rest of the loan limits are as follows:


FHA Mortgage Insurance
 Mortgage Insurance FHA mortgage loans include a Mortgage Insurance Premium (MIP). FHA home loans require mortgage insurance premium (MIP) to offset the insurance risk involved. The one-time MIP that was collected at the original loan closing may be partially refundable depending on how long you have had your original mortgage. If you have had your mortgage for more than seven years no refund is due to you, but if you have a refund due it is credited back to you when you refinance.
FHA Fixed Rate
 FHA Fixed Rate FHA fixed rate loans are mortgages with an interest rate that does not change over time. If you refinance into an FHA fixed rate loan, your principal and interest payment will not change as interest rates rise. If you're original loan is an FHA adjustable rate (ARM), stop worrying about rising house payments and interest rate adjustments. The streamline refinance can help you lock-in a low FHA fixed rate mortgage today.

FHA Benefits
 FHA mortgages offer advantages that tend to reduce the cost impact of MIP:
       Entire down payment can come from a gift.
       FHA loans feature low down payments and flexible guidelines making qualifying easier.
       FHA Loans are assumable by qualified borrowers.
       FHA offers the advantage of Streamlined Refinancing (no requalifying required).


Term Options
 The Loan Term is the number of years it will take to pay the loan back in full. Most commonly, mortgage terms range from 10 to 30 years. For our purposes, we will compare a 15 and a 30 year loan:

30 year loan
15 year loan
Extends principal payments
over 30 yrs.
(lowest payment available)

pay more total interest
when you pay over 30 years


 Extends principal payments
over 15 yrs.
(higher monthly payment)

Pay less total interest
by paying over 15 years

Build equity faster

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All rights reserved. Revised: October 16, 2000.