The rate will adjust with the market after the initial fixed rate period. The lower initial rate on ARMs may help you qualify for a larger loan. They are not restricted to first time home buyers. If you've had a bankruptcy discharged and good credit since, you may qualify after two years. Gift downpayments are permitted.
Government loans allow a higher debt ratio than conventional loans.
If you already own your home and need extra cash, a second mortgage or debt consolidation loan may be the way to go. Generally, loans are available for all types of credit histories. Construction Loans Build your dream house with a construction loan . These same construction loans are sometimes used to rehabilitate or add on to properties in place of second mortgage home improvement loans because of their lower rates. Some loans can be approved with limited documentation of income, debt, employment and assets.