Alaska USA Federal Credit Union is offering Federal Housing Administration-insured 3/1, 5/1 and hybrid adjustable rate mortgages. These products were recently approved by the U.S. Department of Housing and Urban Development to help low-income and first-time homebuyers.
"We've already seen a lot of interest in the hybrid ARM because borrowers can take advantage of lower down-payment requirements, affordable rates and can also qualify for larger loan amounts," said Lorran Skinner, chief lending officer for Alaska USA. "In addition they can also use gift funds for up to 100% of the required down payment."
The FHA Hybrid ARMs are 30-year mortgages, with a fixed rate for either the first three or five years. The loan then becomes a one-year ARM for the remainder of the loan term.
For info: www.alaskausa.org
