Settlers Mortgage Options
- These are Fannie Mae regulated products which are offered with several initial fixed-rate periods of 1, 3, 5 and 7 years
- The interest rate is set at the time of closing and remains constant over the initial fixed-rate period
- Once the fixed-rate period expires, the interest rate can increase or decrease on an annual basis
- Loans with less than 20% down payment will typically require Private Mortgage Insurance