Posted by pussycat98374 on May 28, 2006 at 15:28:33:
“WARNING” beware of any dealings with Carrie Suriano and Robert/Bob Hauge!!
1% interest only N.O.O. loans??? - Posted by Jerry Wallace
Posted by Jerry Wallace on January 09, 2005 at 20:32:59:
Looking for info on 1% interest only non owner occupied loans. Any info appreciated. Thanks, Jerry
Re: 1% interest only N.O.O. loans??? - Posted by John
Posted by John on January 16, 2005 at 23:38:54:
There is no 1% NOO. You will get a 2% NOO only. Secondly, These lenders mentioned rarely go over 65-70% LTV
John
Re: 1% interest only N.O.O. loans??? - Posted by Brian (WA)
Posted by Brian (WA) on January 10, 2005 at 11:39:52:
Jerry,
Ditto to Wes. Start rates for primary residence is 1%-1.95% depending on which index and lender you go through. Investment properties can be 2%-3.95% again depending on which index and lender you go through. LTVs differ a little depending if you are purchasing or refinancing, which lender you use and property type (sfr or plex). If you have really good credit you can purchase sfr up to 90% (80%1st/10%2nd) either full doc or stated loan.
These are excellent financial vehicles if used properly. World Savings uses automatic payments on a bi-weekly payment plan which avoids deferred interest.
To avoid deferred interest with other lenders who don’t use bi-weekly payment plan simply make an extra payment each year.
Re: 1% interest only N.O.O. loans??? - Posted by wes
Posted by wes on January 10, 2005 at 10:52:05:
Sorry,
No such thing as 1% “interest only”!
Devon probably knows but just forgot to point out, and you may be confused with the way these programs work.
There is a “start rate” which is your minimum payment. That is good for 12 months. It is not interest only! However it can be (can cover the interest payment) if the index the program is based on is low enough. In the event the index is not low enough, the required interest not covered by the minimum payment is “deferred” and added to your mortgage (that’s called negative amortization).
Still, it is a good program if you can put 20% down and go full doc.
Re: 1% interest only N.O.O. loans??? - Posted by Devon Daughety
Posted by Devon Daughety on January 09, 2005 at 21:41:01:
This is offered by WAMU and World, and you will have to put a lot of money down if you want it for non owner occupied. At least 20%.
Re: 1% interest only N.O.O. loans??? - Posted by pussycat98374
Posted by pussycat98374 on May 28, 2006 at 15:25:01:
“WARNING” Bware of any dealings with Carrie Suriano or Robert/Bob Hauge!!
Re: 1% interest only N.O.O. loans??? - Posted by Carrie Suriano
Posted by Carrie Suriano on January 29, 2005 at 22:34:36:
You are right for a noo loan the rate is 2% but we can do 90% LTV with the a good credit score.
Re: 1% interest only N.O.O. loans??? - Posted by John
Posted by John on January 30, 2005 at 11:02:01:
How? with who? would be very intrested in this.
John