Interest Only Mortgages
The Interest Only Mortgage is back! This type of mortgage was very popular a few years ago and is the perfect option for those borrowers that can afford the normal principal and interest payment, but prefer to have that payment flexibility of the lower payment option top free up some cash flow every month.
The following criteria is usually needed in order to qualify for the Interest Only Loan. Lending minimum criteria is subject to change, but the basic variables are:
- Loan Amounts between $250,000 - $2,000,000 available
- 5 year fixed interest only, with a 10 year interest only period, then amortizes into a 20 year loan after 10 years
- Minimum FICO scores needed, are set at 720 at current criteria.
- Maximum Loan to value is set at 80%
- Primary homes as well as Secondary homes are eligible with cashout options.
Please call me or email me if you would like a scenario payment quote and I can work up an option for you.
JOE SANCHEZ - 909-932-9226
NMLS LICENSE 359090 / 359382 BRE LICENSE: 01201910