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Making Home Ownership Affordable
MORTGAGE ARM LOANS
Rates starting at % (APR
%)¹
- Afford More Home with Lower Down Payment
- Great for Those That May Move Again in Under 5-7 Years
What is an Adjustable-Rate Mortgage (ARM)?
An Adjustable-Rate Mortgage typically starts with a fixed rate for a set period of time and then adjusts at set intervals. Typically, ARMs come in different options in which the fixed rate is set for three, five, seven or ten years. After this initial fixed period, the rate can adjust in 6 month intervals depending on market conditions.
Mortgage Knowledge Center
How Do I Get an ARM?
You'll need the following to qualify for an ARM loan for all borrowers:
- Credit score of 620 or higher
- Down payment (or equity if refinancing)
- Proof of income - typically 1 - 2 months of paystubs
- At least 1 year of W2s
Possible additional financial verification like:
- Self-employment income (2 years of tax returns)
- Current debts information (auto, alimony, credit card, etc.)
Mortgage Knowledge Center
Five Reasons to Get an Adjustable Rate Mortgage
VA Fixed-Rate vs. VA Adjustable-Rate Mortgage
Free eBooks Download
EBOOKS
Buying a Home
Selling Your Home
Refinancing Your Home
FHA Loans 101
VA Loans – Everything You Need to Know
EBOOKS
Buying a Home
Selling Your Home
Refinancing Your Home
FHA Loans 101
VA Loans – Everything You Need to Know
PenFed Mortgage Products
Disclosures
1Rates are updated daily at 10:15am EST. The advertised rates and points are subject to change. The information provided is based on discount point, which equals
percent of the loan amount, and assumes the purpose of the loan is to purchase a property with a 30-year, conforming, adjustable rate mortgage(ARM) loan. Loan amount of $400,000; loan-to-value ratio of 75%; credit score of 760; and DTI of 18% or less. The property is an existing single-family home and will be used as a primary residence. The advertised rates are based on certain assumptions and loan scenarios, and the rate you may receive will depend on your individual circumstances, including your credit history, loan amount, down payment, and our internal credit criteria. Other rates, points, and terms may be available. All loans are subject to credit and property approval.
Rates quoted require a loan origination fee of 1% which may be waived for a 0.25% increase in interest rate.
Conforming Mortgages: For loan amounts from $50,000 to $726,200. Loan amounts up to $1,089,300 are available in Alaska, Guam and Hawaii. For purchase and limited cash out refinance, the maximum loan-to-value (LTV) and combined loan- to-value (CLTV) for a one unit property is 95% except for First Time Homebuyer and Home Ready programs which permit 97% financing. Loan amounts up to $726,200 are available in Puerto Rico and the maximum LTV and CLTV is 95%. Loans with a LTV of 80% or greater are subject to private mortgage insurance (PMI). PMI is applicable to conventional and not VA loan. The LTV and CLTV limits may vary depending on the property type, loan limit, loan program and occupancy.
Jumbo Mortgages: For loan amounts above $726,200 to $3,000,000. Conforming loan amounts offered up to $1,089,300 are available in Alaska, Guam and Hawaii. For purchase and limited cash out refinance, the maximum loan-to-value (LTV) is 70% and the maximum combined loan-to-value (CLTV) is 70% for a one unit property. The LTV and CLTV limits may vary depending on the property type, loan limit, loan program and occupancy.
If you withdraw an application that was locked and reapply within 30 days, the new application is subject to worst case pricing.
Points are the responsibility of the borrower and not covered in promotions.
To receive any advertised product you must become a member of PenFed.
