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If you can afford to pay 1500$-2000$ a monthjason u are 2nd person telling me that .i heard the same from wellfargo loan officer.what is 100% financing?they told me i am approved for it

Alex gave you a horrible answer. a pay option arm gives you four payment options. the first is a minimum payment, the second an interest only payment, the third a payment that will pay the loan off in 30 years and the fourth a payment that will pay the loan off in 15 years. in a low, or declining rate environment one can make a case for such a loan. however, in our current market the actual rate on these loans is often higher than a plain jane 30 year fixed rate loan!. paying the minimum payment (option 1) results in you owing more than you originally borrowed. options 2,3, or 4 are all calcualted at the "fully indexed rate" which, as i stated earlier, is or may soon be higher than a regular fixed rate loan. do your homework alex!