Cash Flow ARM- mortgagesfirst.com

Cash Flow ARMS
Whether you need to Purchase a Home or Refinance (adjustments apply to LTVs and pricing), a Cash Flow ARM mortgage program is perfect for:
Those who want an extremely low payment for the next few years.
Those who are Self-Employed.
Those who expect a Higher Income in the coming years.
Those who want a more expensive home for a Lower Payment.
Those who need Flexible Monthly Payment Options.
Those who will only be in their home for a short time, (5 months to 5 years).
The cash flow ARM program is all about choices.
Each month you can choose what your payment will be.
You even have the option of making Interest-Only payments!
Are you Self-Employed and can at prove income? No Problem!
You simply state your income on the application...No questions asked!
There's no difference in interest rate if you have a 'Low 'or a Jumbo a loan amount. Whether you borrow $50,000 or $1,500,000 it's all the same interest rate!
This program is an Adjustable Rate Mortgage, ARM and the payment adjusts on the 13^th month. So you are locked into a payment at 3.95% for the 1^st year!

Each year your payment cannot increase more than $75 for every $1,000 in payment. For Example: If your first year payments are $1,000, then the 2^nd year payments will be $1,075, and the 3rd year $1,150, etc.
The highest the interest rate can ever go is 10.95%.
If you are buying a home you can:

    1. Put 10% Down and have a 4.95% 40 year loan
    2. Put 20% Down and have a 3.95% 30 year loan.
You have the same 2 options with a Refinance. You can consolidate debts and save yourself hundreds of dollars on your monthly payments!

    1. With 10% Equity you'll have a 4.95% 40 year amortization (monthly payments based on a 40 year term) loan.
    2. With 20% Equity you'll have a 3.95% 30 year amortization (monthly payments based on a 30 year term) loan.