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In regards to a 7/1 ARM....

I'm interested in a 7/1 ARM to finance the house I want to buy (to be used as a rent house). The house I'm looking at is around $50,000. I'm able to provide $25,000 as a down payment. However, I get no results when I attempt to find a loan with these parameters. What am I assuming incorrectly?
  • June 10 2014 - US
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Answers (2)

Profile picture for CA Direct Lending
As Pasadenan mentioned, we all have Frank Dodd and Barney Frank to thank for this. 
  • June 11 2014
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Profile picture for blue screen exile
Due to Dodd/Franks, many mortgage brokers cannot loan that low an amount, as their fees would be "too high".  You likely will need a local mortgage banker or a credit union.

On the other hand, maybe you filled out your annual income incorrectly, or your middle FICO score.
I'm assuming you are using the "mortgage" link at the top of the page and requesting quotes anonymously.  There are mortgage bankers signed up as robo-quoters (confirmed lenders) too, so you should have gotten at least one quote.

One should also note that not as many robo-quoters quote 7/1 as they quote 30yr fixed.  So you may want to broaden your loan options to filter potential loan officers, then contact a loan officer directly about their other loan options.
  • June 10 2014
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