FANNIE MAE DUS® Adjustable Rate Mortgage (ARM) 5-5 Arbor’s DUS® ARM 5-5 product offers a 5-year variable rate financing option with an embedded cap and an option to extend for an additional 5-year term or convert to a fixed rate. BENEFITS Attractive low-cost financing; no minimum or maximum loan size; maximum interest rate is set at rate lock; optional extension to second 5-year term with minimal reunderwriting; convertible to a fixed-rate loan with minimal re-underwriting ELIGIBILITY Existing, stabilized multifamily properties, including: Conventional, Multifamily Affordable Housing, Seniors Housing, Student Housing, and Manufactured Housing Communities; loans for acquisition or refinance TERM Initial 5-year loan term; optional extension to a second 5-year term at maturity; rollover will retain the same guaranty and servicing fees as the original loan; rollover will not incur a prepayment premium AMORTIZATION Up to 30 years INTEREST RATE ADJUSTMENTS Adjusts based on changes to the underlying index and is equal to the index plus the margin MAXIMUM LTV 65% MINIMUM DSCR 1.00x at the maximum lifetime interest rate; mortgage loan amount shall not exceed that of a fixed Read the full article…
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