The First-Time Homebuyer 30 Year Adjustable Rate Mortgage with 0 Points is fixed for the first 7 years of the mortgage, then adjusts annually to a rate equal to the One Year Treasury Bill index plus 2.75%. The rate can adjust up to 2.00% each change period and a maximum of 6.00% over the lifetime of the loan. A minimum 3% down payment is required on all single family homes. Private Mortgage Insurance is also required on all loans over 80% Loan to Value. Lock in your rate at application for 90 days at no extra cost.
Please click Current Rates to see all information on this program.