Pay Option ARM FAQs

  What is a Pay Option ARM?

A Pay Option ARM is an adjustable rate mortgage that gives the borrower the option of selecting how much to pay each month based on four different loan options. Each month the borrower may choose any one of these loan options based on their needs. 

  What Type of Borrower Benefits Most from a Pay Option ARM?

 • Self-Employed and Commissioned
 • Borrowers They can adjust their monthly
 • payments according to their monthly
 • earnings.
 • Borrower’s with Consumer Debt – Lower
 • home payments allows these borrowers
 • to pay of higher interest debt.
 • Move-up Home Buyers – Low start rate
 • and Interest Only Option gives buyers
 • more home purchasing power.

 Product Family Descriptions
Family Name:   APEX
Category:   Pay Option ARM
Features: • Four Monthly Payment Options & SISA
• Full Doc Stated Income Doc Type
• Up to $1.5M loan amounts
• Up to 95% LTVI
• Minimum 620 credit score
• Introductory rate as low as 1%
• 45% DTI
• Only 4 tradelines required
• Consumer credit late acceptable
• 1 month introductory period
• Up to 3% YSP
Products: First Mortgages and Combos
Jumbo
Pay Option ARMs
30, 40 Year Terms: Cash Out Refinances
Combo Loans up to 90% CLTV