Posted by Matt G on September 24, 2004 at 08:55:33:
John-
NOO loans are sold on the secondary market. this means you typically won’t see a 5yr or 7 yr, at least not at 95%, Fannie max NOO is 90%. its either a 2 yr, 3 yr or 30 yr.
so here are some options
100% 80% 1st @7.25% 30 yr or 7%on 2/28 20% 2nd @ 10.5% 30/15 NO MI
95%with MI factor 1.45%(Aprox 95-100 a month on this size of deal)7.875% 30 yr fix
90% with Mi ( same factor) 7.625% 30 yr
NOO is my specialty.These are estimates based on the info provided.