An Option ARM may be the answer.

Option Arm is design to give the Borrower the flexibility to have the option of paying the lowest payment.

It’s a perfect Loan for borrowers that have irregular income or temporary loss of income. Whenever your income goes back up, then you elect option 2 through 4.

• Option #1 Minimum Payment
  Gives you more money to work with each month. First year's minimum payment based on the initial start rate. The minimum payment for the year will be established annually. At each subsequent annual Adjustment, the minimum payment is based on the chosen Index plus Margin. Payments limited to a 7.50% adjustment annually. (e.g. - if your minimum payment is $1000, the highest you will pay in the 2nd year is $1,075. )
  
  
• Option #2 No Deferred Interest
  Pays all interest for the current month. Payments remain manageable with no change in your Principal balance for the month. No deferred interest occurs with this choice.
  
  
• Option #3 Pays Your Interest & Principal
  Pays off your loan within the 30-year time frame.  Fully amortizing 30-year principal and Interest Payment. Payment based on the chosen Index plus margin, which is calculated monthly. No deferred interest occurs with this choice.
  
  
• Option #4 For Quick Equity
  For the fastest equity build-up (leading to a quicker loan Payoff). Fully amortizing 15-year principal and interest payment. Payment based on the  Index plus margin, which is calculated monthly. No deferred interest occurs with this choice.

The four options let you decide every month how to tailor your Mortgage payments to achieve your short and long-term financial goals.

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