Yes, there are. However, the subprime Option ARM is a high risk to lenders, so expect low LTV and high equity requirement. And a credit score requirement of 600 in the least.
70% LTV, FICO 540 and stated income - is that possible with a subprime Option ARM? Yes, it could be. If you are in need of a subprime Option ARM, try the big lenders first. Other popular names for an Option ARM are Pick-a-Payment, Flex Pay, Cash Flow ARM, Power Option ARM and others similar products, telling borrowers how great it is to be able to pay at rate of 1% for... 3 months.
Having a subprime Option ARM is possible; the question is should you get one? Yes, there are many self-employed borrowers and investors who can put these loans to work but lenders are selling subprime Option ARMs to borrowers who think they'll have to pay the 1.5% rate for the life of the loan.
You have to understand why you are taking an Option ARM, and even more so when you are taking a subprime Option ARM, or you could end up in a very high rate loan within a year and have to pay heavy prepayment penalties to refinance out.