I am 27 years old, and am planning to probably quit dancing no sooner than 2 years. I would love to dance longer but just in case I am preparing to stop then. I am purchasing a new home and have not gone through the loan process yet.
I currently own a home with a fixed interest rate and that is all I am really knowledgable about as far as this goes. I was told that only dancing 1 1/2 years , I have to do a stated income and I will more than likely want to do a fixed rate that turns to ARM after 2 years. I want to pay more principal at first as I am ovbiously making more income now than I expect in the future. I am scared to have an ARM because it seems unpredictible and also seems that interest rates will continue to rise for sometime.
My fico is not the greatest 654, 675, 660 last time I checked. My husbands are somewhat higher but not alot. We are saving for a down payment right now, but will be able to make a huge decrease in our debt once we actually live in the state where we work, as opposed to traveling every weekend as we have been doing for the past 5 months.
My questions are can I refinance an ARM to a fixed rate once our ficos improve? What is an acceptable fixed rate, assuming no points and very little down payment, for my situation with a stated income? Any help is appreciated, thanks
Buffie



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