Need Financing for 2 Family/noo/740 in PA

AAA · Joined: 02 Nov 2005 Posts: 1

Price is 123,000.
Please email me lowest quote, stated income only, include interest only loans as well.

Thanks,[/b]

Haplo · Joined: 20 Jan 2005 Posts: 2406 Location: Springfield, IL

http://www.mortgageforum.net/viewtopic.php?t=1115

Please read this. Your scenario has a lot of information that is missing that is rather important. Any quote you get is going to be rather silly, and it would be helpful if you explained who you are, and what your relationship is to the transaction.

Have a great evening.

pamortgageman · Joined: 21 Jul 2005 Posts: 31 Location: Pennsylvania

As Haplo stated, more information is required to give you an accurate idea of a rate. Your downpayment, or lack thereof, will be a major factor in a rate quote.

Haplo · Joined: 20 Jan 2005 Posts: 2406 Location: Springfield, IL

got a phone call last night with some details on this transaction. The info that was provided to me was that he was getting the following:

6.5%
No points
Interest Only
Fixed 30 years.

My BS meter went off when I heard this. I had to call a couple people and confirm, because I'm not in the brokering side any more, but they said BS too.

Sounds like it *MAY* have been quoted as a O/O property. (Oh, and it was quoted as a 70/20/10)

I know there is no way he's getting a 30 year fixed I/O on a N/O/O on a conventional product, and I'm pretty sure there's no way he's getting 6.5% with no points. I asked him to fax over his disclosures when he gets them so if there's anything specific I'll let you all know.

chow · Posted: Fri Nov 04, 2005 5:15 pm Post subject:

The only way I see this happening is Alt-A

It isn't fixed for 30 yrs. The initial payments are based on a 30 yr, and then you have a choice of ARMS. (if I listed them-I would get admosnished by David, and I don't need that additional threat in my life right now. His picture is enough to make me play fair!)

I/O will be factored in several ways, depending on the program features.

The highest CLTV I found was 95% and the start rate would depend on the ARM at first change rate factor. Otherwise, I know a few places you could obtain a 70/20/10 at the rate quoted, but:

You would face a changing rate-which will be based on LIBOR, after a certain number of months. I have sold these as low as a 3 month increase!

If you want to buy some share's in the Pandora's box we have to offer on I/O and NOO, at 90%, I would advise you of this:

If you ever take out a I/O loan on anyproperty, I would make sure the market price is going to increase!