10/1 ARM 248K Loan - 2.8 Interest Rate Possible? 800+ FICO in GA

[Varun Parkash]

Hello,

I am closing in on an SFR in summers and want to check if anyone is offering 2.8 Interest Rate on a 10/1 ARM loan in Georgia State.

Purchase Price: 315K - Brand New Property

Down: 20%

Loan Amount: 248K

FICO: 800+

Debt to Income Ratio: close to the max limit

One on-going loan - rental income reported on Tax Returns

Are there any penalties if this residence is sold before 10 years?