What mortgage lenders still offer an “option ARM”?
by Mortgage Rates on Thursday, October 14th, 2010 | 4 Comments
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Some lenders still have them, but they’re nearly impossible to qualify for these days. Your finances have to be superb in order to qualify for that product.
Theres still some banks that offers this loan, but, you have to prove them that you are a good borrower. your salary must be very big (in a 100K in 200,000 laon and with a big downpayment too, say 20-25%),
your job is very very stable, no layoff has been happening in your company, and you have to have a huge amount of money in your savings account that if you lose your job, you can continue paying your monthly house payment continiously while looking for another job.
You salary would have to be enough to qualify for the loan at the highest expected interest rate for the loan. Too many lenders have been burned and they are being more restrictive on the qualifications.
you will find what you are looking for here, i did:
http://refinancemortgage.fsaenterprise.com