Called The Adjustable Rate Mortgages Program and referred to as Program #14.175 in the Catalog of Federal Domestic Assistance, this program provides mortgage insurance for an adjustable rate mortgage which offers lenders more assurance of long term profitability than a fixed rate mortgage, while offering consumer protection features. 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. 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. All persons intending to occupy the property are eligible to apply. All persons intending to occupy the property are eligible to apply. Contact your local office of the U.S. Department of Housing and Urban Development

Visit: www5.hud.gov:63001/po/i/netlocator/