Community Resource Federal Credit Union
Community Resource Federal Credit Union

Adjustable Rate Mortgage

Help your members achieve
their home financing goals!

Competitive ARM products are in high demand. In this rising rate environment, flexibility is key! The Flex ARM offers a low interest rate for a fixed period time, resulting in a more affordable payment for your member.

    Key Program Benefits

    7/1 ARM

    • Fixed rate for the first 7 years
    • Rate is 1.25% below 30 Year Rate
    • 30 Year Repayment Term

    10/1 ARM

    • Fixed rate for the first 10 years
    • Rate is 1.00% below 30 Year Rate
    • 30 Year Repayment Term

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    Key Program Requirements

    • Loan to be Retained in Portfolio by Credit Union
    • 30 Day Average SOFR Index
    • 3% Margin, 5% Lifetime Rate Cap
    • Qualifying Rate is 2% Above Initial Note Rate
    • Financing for 1 Unit Primary Residences
    • 680 Minimum Credit Score
    • 43% Maximum DTI

    Flex Adjustable Rate Mortgage (ARM)

    Product Eligibility Matrix.
    Portfolio StatusRetained Non-Saleable
    (Due to the adjustment period of 1 year)
    Loan PurposePurchase or Refinance
    OccupancyPrimary Residence
    Property EligibilitySingle Family, Condominiums, Double-Wide Manufactured Homes
    Loan Term30 Years Only
    Loan AmountLoan Amount Up to conforming loan limit
    singlefamily.fanniemae.com
    Loan to Value Ratio'sUp to 95% LTV - Purchase and Rate & Term Refinance
    Up to 75% LTV - Cash Out Refinance
    *Exceptions may be made by the credit union
    Credit ScoreMinimum 680
    *Exceptions may be made by the credit union
    Pricing7/1 ARM - 1.25% Lower than the 30 Year Fixed Rate
    10/1 ARM - 1.00% Lower than 30 Year Fixed Rate
    Qualifying Rate2% Above Initial Note Rate
    Qualifying Ratio'sMaximum DTI - 43%
    *Exceptions may be made by the credit union
    EscrowLTV > 80% mandatory escrow account for taxes and insurance
    Index30 Day Average SOFR
    www.newyorkfed.org
    Margin3%
    Lifetime Cap5% Above Initial Note Rate
    Floor3%
    First Adjustment Cap5% Above Initial Note Rate
    Subsequent Adjustment Cap1% Above Initial Note Rate
    PMIRequired when LTV is greater than 80%
    *Exceptions may be made by the credit union
    Automatic PaymentsFully executed ACH authorization required prior to closing