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Fannie Mae Refi + - Type of Loan

Profile picture for tiger3599
Contributions: 50
I'm in the process of refinancing and was approved for the Fannie Mae Refi +. I would like to do a 5 yr ARM instead of a 30 year fixed as i won't be in the townhome for much longer. Will I be eligible to do an ARM or does it have to be a fixed rate since through the Fannie Mae Refi +? 
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June 30 - Algonquin
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Hi Tiger3599

You can certainly get a 5 year arm.  from all rate sheets, the 5 year arm rate is much lower than the 30 year fixed so it would be a good move for you.
Good luck with your loan process
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July 01
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Yes, Refi + allows a 5/1 ARM.  Must be fully amortized.
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June 30
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The new loan may be a fixed-rate mortgage or an ARM with an initial fixed-rate period of at least five years. The payback period may be as long as 40 years.
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June 30
 

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