Emerald Mortgage Compay is a privately owned
Utah corporation and residential mortgage brokerage firm.
Delivering superior, personalized service on every loan.
603 E 4500 South, Suite 100 | PO BOX 57563 | Salt Lake City, Utah 84157 | Office: (801) 269-9600 | Fax: (801) 269-8137 | Email
About Emerald
Mortgage Company
FHA Loan Program Update
REALTOR and HOMEBUYER INFORMATION —
NEW FHA PROGRAM - HYBRID ARMS
These hybrids combine the best features of fixed-rate and adjustable-rate (ARM) loans.
Homebuyers can enjoy the safety and peace of mind of a fixed rate during the initial period (3, 5, 7 or 10 years) but with a lower interest rate and payment. You get all of the benefits of FHA financing and can negotiate the best possible price on your home purchasebecause there are no additional costs to either you or your seller.
The 3/1 ARM version is very attractive because of these key features:
- LOWER RATE & PAYMENT: The interest rate used to calculate your payment is usually 1.0% to 1.5% lower than fixed-rate loans.
- QUALIFY based on the FIRST YEAR RATE & PAYMENT: Buy more house with a lower monthly payment.
- 1/5 CAPS: Caps limit the amount your rate can change, including the first adjustment after three years! Your rate can change by only 1.0% or less each year after the initial 3-year fixed rate period and cannot change more than 5.0% from the initial interest rate during the life of the loan.
- NO PREPAYMENT PENALTY: You do not pay a penalty when you sell your home, refinance or payoff your loan early for any reason. NOTE: These loans are eligible for our special FHA “NO COST” STREAMLINE refinancing.
- NO NEGATIVE AMORTIZATION: Your balance never goes up; part of each payment you make reduces the loan balance.
- NO BALLOON PAYMENTS: Your loan will payoff completely with your low monthly payments over 30 years.
Emerald Mortgage Company is an Equal Opportunity Lender.
For more information on what this means visit the FDIC website.
© 2004, Emerald Mortgage Company
