A Silicon Valley-based wholesaler is offering a 2% start rate that doesn't reset for five years.
The new "Take 5ive" option ARM announced Tuesday by LoanCity is fixed for five years at the start rate, currently 2.0%.
Options include "paying on the low start-rate for up to 5 years; paying interest only; paying at a 15-year rate or making regular P&I payments at a 30-year-level," the San Jose, Calif.-based company said.
LoanCity, which operates online at www.LoanCity.com, said the maximum loan amount is $3 million and the minimum credit score is 620. The program can be used to finance owner- and nonowner-occupied single family, multi-unit and condominium properties for purchase, refinance or cashout transactions.
The program is available in most states, the statement said.