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Adjustable Rate Mortgages

An Adjustable Rate Mortgage may be a good choice if you:

  • Want to maximize your buying power
  • Want to keep your payments lower during the first few years of your loan
  • Plan to move into a different home within the next 10 years
  • Plan to pay-off your mortgage within the next 10 years
  • If, in the coming years, you expect your income to increase significantly

Our 3/3, 5/5, 7/1 and 10/1 ARM products are based on a 30 year term.

Restrictions on Closing Costs paid by Suncoast Credit Union on 3/3 ARM Mortgage Loans and First Time Homebuyer 10/1 ARM Mortgage Loan

Suncoast will contribute up to $2000 toward closing costs (Closing Costs Benefit) when one of the 3/3 ARM products are selected for the purchase or refinance of a primary residence.  Suncoast will contribute up to $1000 toward closing costs (Closing Costs Benefit) when the First Time Homebuyer 10/1 ARM product is selected for the purchase of a primary residence. Suncoast will not pay closing costs for discount points to obtain a lower interest rate, insurance premiums, nor monies necessary to establish escrow accounts (taxes and insurance).  All Seller-Paid Closing Costs will be credited prior to any credits for the Closing Cost Benefit to be provided by Suncoast.  If the mortgage is paid in full during the first 24 monthly payments of the loan, borrowers will be required to repay the Closing Costs Benefit to Suncoast for the amount reflected as "Lender Credits" on the Closing Disclosure.  The 24 monthly payment period begins with the first payment due date of the loan.

Suncoast Community Heroes Mortgage Program - UP TO 100% Financing for Qualified Borrowers

At least one of the occupying applicants are an ACTIVE, paid full or part-time Qualifying Member: All Public and Private School Employees (K-12, Post-Secondary), Firefighters, all Federal/State/County/Local Law Enforcement agencies, Emergency Medical Technicians, Paramedics, Nurses (RN, LPN, APN, NP, BSN, MSN), all branches of the Military, Reservists, National Guard, and spouses of qualifying military members or Federal/State/County/Local Law Enforcement Officers and Firefighters, who lost their lives during active service.

In addition, Veterans are eligible (excludes Veterans discharged for "Bad Conduct" or "Dishonorably Discharged"), as well as any Federal/State/County/Local Law Enforcement/Firefighter on disability or retired due to an injury that occurred during active duty.

 

Suncoast Community Heroes 3/3 ARM

Best Choice If:

  • If you are an active qualifying member of school systems, firefighters, law enforcement, EMT, nurses, military, spouses of qualifying military, law enforcement and firefighters. Contact Suncoast Credit Union for full list for eligible occupations.
  • You plan to stay in your home or refinance in 7 years or less.
  • You need to maximize your purchasing power by selecting the lower rate ARM with a lower initial payment.
  • Advantages:

  • 100% Financing available for the purchase of a primary residence without Private Mortgage Insurance(subject to credit and underwriting guidelines) means you save even more on your monthly mortgage payment.
  • Initial interest rate remains the same for the first three years. After that the rate can only change once every 3 years.
  • Suncoast will pay up to $2000 in eligible borrower closing costs.
  • Disadvantages:

  • This 30-year ARM loan is riskier than a 30-year fixed rate product if you don't expect your income to increase over the initial 3 to 6 year period to cover the possible increase in your monthly payment.
  • Cash Out Refinance is not available with this product.
  • Available for property located in the state of Florida only.
  • Suncoast Community Heroes 7/1 ARM

    Best Choice If:

  • If you are an active qualifying member of school systems, firefighters, law enforcement, EMT, nurses, military, spouses of qualifying military, law enforcement and firefighters. Contact Suncoast Credit Union for full list for eligible occupations.
  • The interest rate to stay constant for the first seven years.
  • To keep your payments low.
  • To maximize the amount of loan you qualify for.
  • Advantages:

  • 100% Financing available for the purchase of a primary residence.
  • Allows for higher loan amount qualification and enhanced buying power.
  • Disadvantages:

  • This 30-year ARM is riskier than a 30-year fixed mortgage because the interest rate and payments can rise above the current fixed rates over time.
  • Cash Out Refinances are not available.
  • Available for property located in the state of Florida only.
  • Escrow (Taxes and Hazard Insurance)required for Loan to Value greater than 80%.
  • Right Time 3/3 ARM

    Best Choice If:

  • You plan to stay in your home or refinance in 7 years or less.
  • You need to maximize your purchasing power by selecting the lower rate ARM with a lower initial payment.
  • Advantages:

  • Initial interest rate doesn't change for the first 3 years. After that the rate only changes once every 3 years.
  • Suncoast will pay up to $2000 in eligible closing costs on primary residence.
  • Up to 95% financing for the purchase of a primary residence without Private Mortgage Insurance(subject to credit and underwriting guidelines) means you save even more on your monthly mortgage payment.
  • Cash out up to 80% LTV for the payoff of your 1st & 2nd mortgage or Suncoast accounts.
  • Disadvantages:

  • This 30-year ARM loan is riskier than a 30-year fixed rate product if you don't expect your income to increase over the initial 3 to 6 year period to cover the possible increase in your monthly payment.
  • FIRST TIME HOMEBUYER 10/1 ARM

    Best Choice If:

  • You have a limited amount of money towards a down payment.
  • You have not owned a home during the past 3 years.
  • You want the interest rate to stay the same for at least 10 years.
  • You want to maximize the amount of loan you qualify for.
  • You have or will complete a HUD approved First Time Homebuyer class in the county which the subject property is located.
  • Advantages:

  • No Private Mortgage Insurance required which equals a savings on your monthly payment!
  • Suncoast will pay up to $1000 in eligible borrower closing costs.
  • Initial interest rate remains the same for 10 full years. The rate adjusts annually thereafter.
  • 97% Maximum LTV allows for higher loan amount qualification and enhanced buying power.
  • Nontraditional credit accepted.
  • up to 150% of median income allowed.
  • Disadvantages:

  • The maximum loan amount is $250,000
  • Interest rate and payments can rise above the current fixed rates over time after the first 10 years.
  • Escrow required for taxes and insurance.
  • 7/1 ARM

    Best Choice If:

  • You want the interest rate to stay constant for the first seven years.
  • You want to keep your payments low.
  • You want to maximize the amount of loan you qualify for.
  • Advantages:

  • 95% Financing available for the purchase of a primary residence.
  • Cash out up to 80% LTV for the payoff of your current mortgage loans, consolidate debt, home improvement or pay for college tuition.
  • Initial interest rate remains the same for 7 full years. The rate adjusts annually thereafter.
  • Allows for higher loan amount qualification and enhanced buying power.
  • Disadvantages:

  • This 30-year ARM is riskier than a 30-year fixed mortgage because the interest rate and payments can rise above the current fixed rates over time.
  • 5/5 ARM

    Best Choice If:

  • You plan to stay in your home 10 years or less.
  • You need to maximize your purchasing power by selecting the lower rate ARM with a lower initial payment.
  • Advantages:

  • Initial interest rate remains the same for the first five years. After that the rate can only change once every 5 years.
  • 95% Financing available for the purchase of a primary residence without Private Mortgage Insurance (PMI) or up to 95% with PMI (subject to credit and underwriting qualifications).
  • Cash out up to 80% LTV for the payoff of your existing mortgage, home improvement, debt consolidation or college tuition.
  • Disadvantages:

  • This 30-year ARM loan is riskier than the 30-year fixed rate if you don't expect your income to increase over the initial 5 year period to cover the possible increase in your monthly payment.
  • Mobile Home & Land 5/1 ARM

    Best Choice If:

  • You want to purchase a Mobile Home with Land.
  • You want to refinance your existing balance on your mobile home with land.
  • Advantages:

  • Up to 80% Loan to Value is Available.
  • Payment for property taxes and mobile home insurance will be included in your monthly mortgage payment.
  • Borrow up to $100,000 to purchase land and mobile home.
  • Initial interest rate remains the same for 5 full years. The rate adjusts annually thereafter.
  • Disadvantages:

    You must own the land your mobile home is located on, or purchase land at the same time you purchase your mobile home.

    Lot Loan ARM

    Best Choice If:

  • You find the perfect lot to build your dream home, but are not yet ready to build.
  • You want to build equity in your land before you build.
  • Advantages:

  • Allows you to purchase vacant land for future use.
  • Disadvantages:

  • Maximum term is 12 years.
  • Available for property in the state of Florida only.
  • Mortgage Rates

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