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Common Guidelines - Interest Only Loans |
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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.
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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.
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Single Family Detached
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Single Family Attached
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Eligible Condos - Low Rise and High Rise
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Eligible PUD Units
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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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