Posted by Devon on September 20, 2004 at 10:54:19:
Yes you are right, you are going to need to do an interest only loan for sure. Your best bet would probably be to (if possible) go full doc with a $0 down loan. Depending on your market, try and have the sellers pay some of your closing costs - bump sales price up if necessary. With no doc… i doubt you will be able to get 100%, you may need to put down 10%; with stated income stated assets you can do probably 100%, with the right credit. email me your location for details.