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What is the purpose of this program?

Provides mortgage insurance for a person to purchase or refinance a principal residence at a lower initial interest rate. The mortgage loan is funded by a lending institution, such as a mortgage company, bank, savings and loan association and the mortgage is insured by HUD.

What are the eligibility requirements?

? Borrower must meet standard FHA credit qualifications.
? Borrower is eligible for approximately 97% financing.
? Borrower is able to finance closing costs and the up front mortgage insurance premium into the mortgage. The borrower will also be responsible for paying an annual premium.
? ARMS can only be used in conjunction with Sections 203(b), 234(c), and 203(k).
? The index used to determine the interest rate is the U.S. Treasury Security adjusted to a constant maturity of one year.
? Eligible properties are one to four unit structures.


(Article Courtesy Mortgage 101)

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