Eugene, Ore. -
Oregon Community created the ARMBuster Loan program to help those in danger of losing their homes due to rising mortgage payments. With the ARMBuster, qualified borrowers may refinance into a 30-year fixed mortgage loan for up to 105% of the home's value.
With the 3/1 buydown loan program, the interest rate is fixed at one percentage point below the national average for the first three years. After the initial three-year period, the rate is fixed for three years, after which the interest rate has a one-time adjustment of one percentage point. At this point, the borrower can switch to either a fixed rate or adjustable rate mortgage. This loan offers up to 100% financing with no money down and both a 30-year and 40-year amortization.
