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5 Year ARM

If I want to buy a cheap house I could pay off in 5 years, could I purchase it with a 5 yr ARM?
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August 08 - US
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Answers (4)

I think it's the best option considering most Americans refinance within the first year of purchasing and every 3-5 years on average.
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August 09
Sure if you meet the qualification criteria, you choose what mortgage you want.
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August 09
Profile picture for Dan Tabit
Avmqn, 
If you qualify for the loan, yes.  ARM's changed the way they were done from a few years ago. Your DTI (Debt to income) must be acceptable to the lender and the fully indexed payment last I heard.  Previously, we could get you approved at the current low payment, and hope you refinanced, paid it off or had raises to be able to afford the payment when the rate went up. 
Talk to your local lender and look at all the options.  A 5 year ARM may be the best option, but a 7 year or 10 year may be worth considering or take the 30 and enjoy the flexibility of putting your money into other investments if you choose. 
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August 08
It is possible to purchase a home with a 5-Year ARM.
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August 08
 
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