Adjustable Rate Mortgages

 

To provide mortgage insurance for an adjustable rate mortgage which may offer a lower interest rate initially that a fixed rate mortgage, and which remains constant for an initial period of 1, 3, 5, 7 or 10 years. The interest rate may then change annually for the remainder of the mortgage term. The loan structure provides built-in limits or safeguards for both consumers and lenders, designed to minimize the effect of any rapid rise in interest rates.

Active 14.175 Office of Housing-Federal Housing Commissioner, Department of Housing and Urban Development F - Guaranteed/Insured Loans Not applicable. National Housing Act, Title National Housing Act, Part Title II, Section 251 All legal residents intending to occupy the property as their principal residence are eligible to apply. Individuals/families. Documentation regarding the characteristics of the property and the qualifications of the mortgagor are andsubmitted with the application to the lender. Preapplication coordination is not applicable. 2 CFR 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards applies to this program. Application is submitted for review and approval or disapproval to a HUD-approved lending institution. See Application Procedure. Not applicable. Not applicable. Not applicable. Not applicable. Not applicable. HUD insures lenders against loss on mortgage loans. These loans may be used to finance the purchase of proposed, under construction, or existing one- to four-family housing as well as to refinance indebtedness on existing housing. The maximum insurable mortgage loan for an occupant mortgagor is the same as prescribed for Section 203(b) - program 14.117. Not applicable. Not applicable. Lenders are required to service and maintain records in accordance with acceptable mortgage practices of prudent lending institutions and the HUD regulations. Statutory formula is not applicable to this assistance listing.

Matching requirements are not applicable to this assistance listing.

MOE requirements are not applicable to this assistance listing. The mortgage term may extend for 30 years. Method of awarding/releasing assistance: Lump. For additional information, individuals are encouraged to contact the FHA Resource Center by phone at 1-800-CALL-FHA (1-800-225-5342), by email at answers@hud.gov or visit the FHA Resource Center site at https://www.hud.gov/program_offices/housing/sfh/fharesourcectr Kevin Stevens
451 7th Street, SW
Washington, DC 20410 US
answers@hud.gov
Phone: (800) 225-5342 https://www.hud.gov/program_offices/housing/sfh/ins/203armt 86-4587-0-3-371 (Guaranteed/Insured Loans) FY 22 FY 23 FY 24 FY 21 FY 19 FY 20 FY 18 - Reported Under 14.117 No minimum Mortgage amount. The maximum mortgage amount is the same as for Mortgage Insurance-Homes in 14.117. Not applicable. Not applicable.