SouthStar opens ARMs to variable-income borrowersmortgagepress.comChoice Option ARM, sub-prime lending, loan options
SouthStar Funding has launched its newest product, the Choice
Option ARM, which is designed to provide flexible payment options
for borrowers who want the lowest start rate and the ability to
manage their cash flow. The product offers the ability to borrow up
to 100 percent combined loan-to-value and to combine this product
with a home equity mortgage as part of a combination loan.
SouthStar provides 24-hour underwriting and closes within days on
the Choice Option ARM. The product was officially made available to
SouthStar Funding's customers on March 21.
SouthStar's Choice Option ARM is based off of either the MTA or
LIBOR indexes and allows the borrower to better manage their cash
by offering four payment options each month: minimum payment,
interest only, 30-year fully amortizing and 15-year fully
amortizing. These four options provide payment flexibility for
borrowers, enabling them to choose the best option for them at that
time. The product also includes a one- or three-month introductory
rate as low as one percent.
The Choice Option ARM is available to borrowers with a credit
score as low as 620 and is available on most property types. The
product is credit score-driven and is offered for loans up to $3
For more information, visit www.southstar.com.