5/1 FHA ARM Home Loan
you donât need amazing credit to get an amazing interest rate
focus on the move, not the mortgage
Greenlight your loan, and close in 21 days*
*Terms and conditions apply. For complete details click here
the perfect loan for
starter home buyers
The Federal Housing Administration insures FHA loans against default. That means these loans have less stringent requirements, lower closing costs, and a lower down payment threshold. A 5/1 ARM (adjustable rate mortgage), meanwhile, offers a super low fixed interest rate for the first 5 years. After that, the rate resets, adjusting to reflect market conditions for the remainder of the term.
Put them together, and you have one of the most affordable loans on the marketâand one perfect for first or temporary homes. If you have âjust okayâ credit and see yourself selling or refinancing in the next 5 years, this oneâs for you.
Stop renting, start owning.
the benefits
- Down payments as low as 3.5%
- A lower than average credit score threshold
- No closing cost options available
- An extra low interest rate
- Qualifies for our GreenLight Approval Programâget GreenLit and close in 21 days*
the requirements
- A 3.5% down payment
- Primary residences only
- A credit score higher than 580
- No bankruptcies in the last 2 years and no foreclosures in the last 3 years, with re-established good credit
- A debt-to-income ratio under 43%
*Terms and conditions apply.