10/1 ARM Rates

If you’re ready to buy your first home, we can help you save money. Suncoast has enhanced our First Time Homebuyer 10/1 ARM rates program to expand opportunities for first-time homebuyers in Florida.* Suncoast Realty Solutions, LLC will help you save money and have a stress-free buying experience as your one-stop shop for personalized service and major savings.

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What is An Adjustable Rate Mortgage?

 

An adjustable-rate mortgage, or ARM, is a type of loan where the interest rate may change periodically based on the general market conditions. As a result, the amount you pay back each month can fluctuate. If you're looking to take out an adjustable-rate mortgage with Suncoast, here are some key features to know.

 

Initial Fixed Period

 

ARMs usually have a period with an initial fixed rate, where the interest rate you pay remains constant. Suncoast has different fixed-rate mortgage up-rate periods based on the ARM's length. Once the initial fixed rate expires, the interest rate will adjust based on the general market conditions.

 

Adjustment Period

 

The frequency at which an interest rate can change on an ARM mortgage is called an adjustment period. Suncoast offers a range of adjustment periods, up to 10 years.

 

Interest Rate Caps

 

We protect our borrowers with interest caps on our ARMs. These caps specify limits on how much the interest rate can change during a particular period.

 

Payment Caps

 

In addition to interest rate caps, some ARMs may have payment caps that limit the amount your monthly mortgage can increase during a set period. This helps you save money with your loan-to-value ratio.

 

Lifetime Cap

 

The lifetime cap sets the maximum interest rate that can change over the loan's lifetime. This provides an upper limit on potential interest rate increases and, again, saves you money! 

Why Choose Suncoast For Your ARM?

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Competitive Interest Rates

At Suncoast, we are a not-for-profit financial institution owned by our members. Because of this, we can provide competitive interest rates on loans, helping to save our members money. Members of Suncoast benefit from lower rates on loans, which are more affordable than those from banks and mortgage lenders.
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Member-Centric Approach

Because our driving mission is to serve our members, our team at Suncoast offers personalized expertise to help you find the loan option that best fits your financial needs. We’re also more flexible in working with our members who may be experiencing financial challenges.
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Lower Fees and Costs

Suncoast offers lower fees on loan products compared to larger financial institutions. This means lower expenses for our members who choose an ARM, making homeownership affordable. 

Why Should First-Time Homebuyers Choose Our 10/1 ARM Program?

 

  • Maintain your interest rate for at least 10 years
  • Up to 97% financing available
  • Save on your monthly payments since private mortgage insurance isn’t required
  • Ask us how you may qualify with as little as 1% of your funds when combined with a 2% gift from an immediate family member

 

Contact us to learn more about our enhanced First Time Homebuyer 10/1 ARM program and how it can benefit you!

*Please note the maximum household income permitted to qualify for this program is 200% of the HUD Area Median Income in the county in which the property is located. You must complete a Suncoast approved First Time Homebuyer class and provide the certificate of completion prior to closing. Visit HUD.gov to locate a local class in the county of the property being purchased or complete an online course offered by Fannie Mae. Visit the Fannie Mae online course website at fanniemae.com/education.

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The Mortgage Process 

Find out more about the mortgage process and learn how to get started. 

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The Mortgage Application

Get started with your Suncoast mortgage application.