*5% Down Payment Loan. The Remarkable Mortgage is a conventional home loan that involves getting two mortgages simultaneously. This product does not require private mortgage insurance (PMI).
First Mortgage – (80% LTV): A conforming first mortgage loan.
Second Mortgage – (15% LTV): A 5/6 ARM (Adjustable Rate Mortgage) serviced by GASCU. A 5/6 ARM has a fixed interest rate for the first five years. After the 5th year, the interest rate will be the SOFR (Secured Overnight Financing Rate) plus a margin, reset every 6 months.
The home must be in Southern California. This is a purchase mortgage; no current mortgage refinancing is allowed. The borrower must be a school-district employee, and the purchase must be for their primary residence.
Terms and conditions may apply. Please contact us for more information and complete disclosures.