Scott P. Rogers
Funkhouser Real Estate Group
540-578-0102  •  email
Brought to you by Scott P. Rogers, Funkhouser Real Estate Group, 540-578-0102, scott@HarrisonburgHousingToday.com
Brought to you by Scott P. Rogers, Funkhouser Real Estate Group, 540-578-0102, scott@HarrisonburgHousingToday.com
Monday, April 4, 2011
FHA 5/1 ARM

As of today, you can obtain an amazing 3.625% interest rate on a 5/1 adjustable rate mortgage through FHA.  Until recently, I had thought that 30 year fixed rate mortgages were the only product offered through FHA, but Oguz Sengul  pointed out that FHA also offers a 5/1 ARM.

A "5/1 ARM" is a mortgage that has a fixed rate (3.625%) for five years, and then can adjust once every year.

If you anticipate only being in your home for 3, 4, 5 or 6 years, this can be a fantastic loan program to consider!