Don’t have funds for a down payment? You may not need to.
Lake Area Mortgage is now offering a Zero Down 10/1 adjustable-rate mortgage (ARM) option. Qualified borrowers may be able to purchase a home with no down payment and finance up to 100% of their home purchase.
Zero Down 10/1 ARM product highlights:
- Max LTV 100%
- Minimum Credit Score: 720
- Reduced Mortgage Insurance PMI) is required if LTV is over 80%
- Occupancy Type: Owner-Occupied Primary Residence Only
- Property Type: Single Family Residence, Townhome, Condominium, or Twin Home
Just like other ARM options at Lake Area Mortgage, our Zero Down 10/1 ARM locks the loan rate for 10 years. Following the initial 10-year period, the rate may adjust once per year for the remaining loan term.
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Your new home is within reach.
This is not a commitment to lend or extend credit. Restrictions may apply. Rates may not be available at time of application. This is not an offer to enter a loan agreement at a specific rate. An offer to enter into such an agreement may only be made pursuant to Minn. Stat. 47.206. Information and/or data are subject to change without notice. All loans are subject to credit approval. Not all loans or products are available in all states. Lake Area Mortgage™ is a division of Royal Credit Union, 1200 County Road E., Ste 200, Arden Hills, MN 55112. NMLS# 543781.
