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What's up with 40 year mortgages?

Are 40 year mortgage still available?  If so, where can I go to find them?  I'm looking for a short term low monthly payment, as I will have a major debt paid off in 4 years.  I have inquired on a 5/1 ARM with 2 different lenders and they both strongly urged against it. If not a 40 year mortgage, should I try an interest only loan?  What is best option for a low monthly payment for the first 4 years?
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September 07 2013 - Noblesville
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Answers (4)

No one is doing 40 yr mortgages any longer. Good luck with your situation.
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September 08 2013
Since you are looking for the lowest possible payment for qualifying reasons, have you been told how high your ratios are? What sort of major debt will be paid off within 4 years?
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September 08 2013
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The property itself may qualify for USDA, but I do own another house (a rental that I still owe on) and I've heard I would not qualify because of that.  No, not a veteran, and I can only afford 5% down.  Are interest only and ARMs pretty much the same thing?
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September 08 2013
40 year loans are no longer permissible under new Federal lending rules. Are you a Veteran? How much can you put down?  Would property qualify for USDA financing? (rural property)
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September 08 2013
 
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