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I'm currently looking at taking a 30 year 5/1 ARM at 5.75% on 150,000. Max it can raise is 1.5% ever 5 to a max of 6% increase I know on average the percentage is almost a point high, but there are a number of other factors involved. I only decided less then two months ago that we were going to go ahead and buy a starter house. We only have around 3500 dollars for a down payment, but the bank we are looking at going with (the nc state employee credit union) would require no money down, where as most other banks with a fha loan are looking for at least 5500 down. 5500 would pretty much leave me without a dime in my pocket. The state employee credit union also won't require us to carry PMI on the 0 down loan.

With all of that being said is 5.75 a reasonable rate? I only plan on keeping the house for 7-10 years at most. They are willing to finance closing cost if the seller doesn't pay as well. We're obviously trying to get in on the 8k tax credit. We have already located the house we are interested in.

Thoughts and or opinions welcome


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