0% down payment programs
No income restrictions.
Flexible underwriting guidelines.
Allowed on all standard fixed rate products up to $300,000.
3% down payment programs
Source of down payment can come from gifts, grants or unsecured loans.
Assumable (credit qualification is required).
Conversion option is available on some programs.
Owner-occupied, second home and 1-4 properties.
Loan amounts up to $2 million.

For certain people, an Adjustable Rate Mortgage is the right mortgage. It allows you to fix the interest rate for the length of time that you plan to hold the loan without paying extra for interest rate protection you don't need.

The biggest advantages Adjustable Rate Mortgages have is a lower initial interest rate. This gives you more buying power by allowing you to borrow more. A lender is taking less risk that interest rates will go up and they won't be able to raise your rate, they offer lower initial interest rates, which means a lower monthly payments, too. The initial interest rate on an Adjustable Rate Mortgage is fixed. The main difference among Adjustable Rate Mortgages is the length of this fixed period. The shorter the initial fixed period, the lower your initial rate will be.

The disadvantage of Adjustable Rate Mortgages is that your interest rate may go up.  If it does, and you stay in your home longer than expected, you may have to face larger payments.