The option arms that are surviving the mortgage wars are actually pretty good. These are very distant cousins to the ones that everybody is in trouble with. The really good ones work like this: The minimum payment is from 3% to 4%, this keeps you from building up too much defered interest too fast. You can get a fixed rate around 8% or less, so you are not at the mercy of the market. They offer stated income options for situations that make sense. You can get these for investment, primary, and secondary residences. If you use them right, you can actually pay off your property sooner than with a regular mortgage.
