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Countrywide expands commitment to minority, lower-income borrowers

National Mortgage Professional
Apr 26, 2005

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 million. For more information, visit
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