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Originally Posted by Forest
can u explain the terms FHA LTV 1year arm
Thanx Im cluless with this as you can tell
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FHA 1 year arm is what it is, fixed rate for 1 year then no more than 1% rate increas or decrease the following years. They may have changed it as the Govt. always does. They require 580 or higher fico score, check your transunion score as thats what always held the most credibility. They will require your credit card debts be paid off either before or at closing. It sounds like your only option is a subprime 2/28 or 3/27 loan at this time.
