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 The following programs are for loan amounts greater than $417,000, commonly known as “Jumbo”, and for loan amounts greater than $650,000, often referred to as “Super Jumbo”. The fixed rate programs do not have any rate adjustment during the life of the loan and can be amortized over 10, 15, 20, 25 or 30 year terms. The ARM (Adjustable Rate Mortgage) is a 30 year loan whose rate is fixed for an initial period as short as 1 month and as long as 10 years, then adjusts based on the combination of an index plus a margin at some pre-determined interval, such as every 6 months or, more commonly every 1 year. The index is primarily based on either T-bill (Treasury Bill) or LIBOR (London Inter Bank Offered Rate), although other indexes are also offered. The more popular index in recent years has been the LIBOR index due to its longer stability over time. The margin varies based on the program and can be as low as 1.5 and as high as 5 or 6, but generally falls in the 2.25-2.75 range. The most popular new feature is the “Interest Only” loan program available for most loan types. The interest only option is available for either the first 5 or 10 years only, after which the loan amortizes over the remaining term. In general, the rates are slightly higher and the credit score requirements are slightly tougher, but the minimum payment of interest only reduces the monthly debt service. Loan Programs: Fixed 30, 25, 20, 15, or 10 year fixed rate loans Adjustable Rate (Including Interest Only) 1 month – rate may change every month 6 month – rate may change every 6 months 1 year – rate may change every 1 year 3/1 year – rate is fixed for 3 years, then may change every 1 year 5/1 year – rate is fixed for 5 years, then may change every 1 year 7/1 year – rate is fixed for 7 years, then may change every 1 year 10/1 year – rate is fixed for 10 years, then may change every 1 year You can download a Conventional Loan Application, an FHA Loan Application, or a VA Loan Application by clicking one of the links below. Conventional Loan Application FHA Loan Application VA Loan Application Note: You will need Adobe Acrobat Reader on your computer to open these files. If you do not have Adobe Acrobat Reader, please click on the button below. 
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