Adjustable Rate Mortgages

To provide mortgage insurance for an adjustable rate mortgage which offers lower than market interest rate initially, 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.

Agency - Department of Housing and Urban Development

The Department of Housing and Urban Development's mission is to increase homeownership, support community development and increase access to affordable housing free from discrimination. HUD fulfills this mission through high ethical standards, management and accountability, and by forming partnerships with community organizations.

Office - None.

For additional information, individuals are encouraged to contact the FHA Resource Center by phone at 1-800-CALL-FHA (1-800-225-5342), by email at answers@hud.gov or visit the FHA Resource Center site at http://portal.hud.gov/hudportal/HUD?src=/FHAFAQ.



Program Accomplishments

Not Applicable.

Uses and Use Restrictions

HUD insures lenders against loss on mortgage loans.

These loans may be used to finance the purchase of proposed, under construction, or existing one- to four-family housing as well as to refinance indebtedness on existing housing.

The maximum insurable mortgage loan for an occupant mortgagor is the same as prescribed for Section 203(b) - program 14.117.

Eligibility Requirements

Applicant Eligibility

All persons intending to occupy the property are eligible to apply.

Beneficiary Eligibility

Individuals/families.

Credentials/Documentation

Documentation regarding the characteristics of the property and the qualifications of the mortgagor are assembled by the mortgagee and submitted with the application. This program is excluded from coverage under 2 CFR 200, Subpart E - Cost Principles.

Aplication and Award Process

Preapplication Coordination

Preapplication coordination is not applicable.

Environmental impact information is not required for this program.

This program is excluded from coverage under E.O.

12372.

Application Procedures

This program is excluded from coverage under 2 CFR 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards. Application is submitted for review and approval or disapproval to the local HUD Field Office through a HUD-approved lending institution.

Award Procedures

See Application Procedure.

Deadlines

Not Applicable.

Authorization

National Housing Act.

Range of Approval/Disapproval Time

Varies.

Appeals

The lender will state the reasons for refusing an application. The applicant may reapply to another lender.

Renewals

Not Applicable.

Assistance Considerations

Formula and Matching Requirements

This program has no statutory formula. Matching requirements are not applicable to this program. MOE requirements are not applicable to this program.

Length and Time Phasing of Assistance

The mortgage term may extend for 30 years. Method of awarding/releasing assistance: quarterly.

Post Assistance Requirements

Reports

Not Applicable.

Audits

Not Applicable.

Records

Mortgagees are required to service and maintain records in accordance with acceptable mortgage practices of prudent lending institutions and the HUD regulations.

Financial Information

Account Identification

86-4587-0-3-371.

Obigations

(Sale, Exchange, or Donation of Property and Goods) FY 15 Not Separately Identifiable(Exp: Reported under 14.117); FY 16 Not Separately Identifiable(Exp: Reported under 14.117); and FY 17 Not Separately Identifiable(Exp: Reported under 14.117) - Reported Under 14.117.

Range and Average of Financial Assistance

No Data Available.

Regulations, Guidelines, and Literature

Not Applicable.

Information Contacts

Regional or Local Office

None. For additional information, individuals are encouraged to contact the FHA Resource Center by phone at 1-800-CALL-FHA (1-800-225-5342), by email at answers@hud.gov or visit the FHA Resource Center site at http://portal.hud.gov/hudportal/HUD?src=/FHAFAQ.

Headquarters Office

Wanda L. Sampedro 451 7th Street, SW, Washington, District of Columbia 20410 Email: answers@hud.gov Phone: (800) 225-5342.

Criteria for Selecting Proposals

Not Applicable.



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