Clarification on Minimum Qualifying Rate for Adjustable rate Mortgages
General Angela Calla 21 Jul
Given the recent increase in the Prime Rate, we want to provide clarification regarding the application of the minimum qualifying rate on Adjustable Rate Mortgages (“ARM”), insured and conventional. All ARM loans must now be qualified using a rate of contract plus 2%, which is now greater than the 5.25% Qualifying Rate. Existing First National […]
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