14.175: Adjustable Rate Mortgages
Alternate Name: Home Mortgage Insurance- Adjustable Rate Mortgages
Overview
Program Number
14.175
Status
Active
Last Modified
Aug. 11, 2022
Date Posted
Aug. 11, 2022
Objective
To provide mortgage insurance for an adjustable rate mortgage which may offer a lower interest rate initially that a fixed rate mortgage, and which remains constant for an initial period of 1, 3, 5, 7 or 10 years. The interest rate may then change annually for the remainder of the mortgage term. The loan structure provides built-in limits or safeguards for both consumers and lenders, designed to minimize the effect of any rapid rise in interest rates.
Type of Assistance
F - Guaranteed/Insured Loans
Applicant Eligibility
All legal residents intending to occupy the property as their principal residence are eligible to apply.
Beneficiary Eligibility
Individuals/families.
Related Programs
Additional Information
Grant Awards
Adjustable Rate Mortgages direct grants
Grant Opportunities