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Common Guidelines - Interest Only Loans

Depending on the lender you choose, the type of property, your income, employment status and hundreds of other factors lending guidelines can vary to great extremes in the mortgage industry.  If someone tells you right away they can approve your loan without asking the basic questions please always call someone else.  It takes more than a few minutes to analyze each scenario and although nearly every deal is possible, you may not be speaking with a lender who has the right product for you.

Libor and Interest-Only loans do not have general "across the board" guidelines such as those for conforming fixed rate loans so we have compiled some guidelines from many of the top lenders to provide some assistance in determining which product is right for you.  Please remember that these are just some of the possible limits and options.  Mortgage programs change often and each lender may have certain powers to make exceptions for a strong application package.

Most Interest-Only loan programs are eligible for the main property types (see below).  However some condominiums and planned unit developments may have wording in their association agreements or registration status (such as recreational leases) that may limit the lenders who will finance your home.  If you want to ensure that your home meets current lending guidelines please contact a mortgage lender.

  • Single Family Detached
  • Single Family Attached
  • Eligible Condos - Low Rise and High Rise
  • Eligible PUD Units
  • 2-4 Units

Note:  Co-Ops and Mixed Use Properties may be available for financing but there are extreme limitations on these types of properties.

 
 
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