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Min. Payment Option fixed for 5 years at 1%
Moderators: Mortgage-X

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   Types of Loan Programs-> Pay Option ARM, Pick-a-Payment, Cash Flow LoanMessage format
 
KEATS
Posted 11/28/2005 12:46 PM (#574)
Subject: Min. Payment Option fixed for 5 years at 1%
Any bank/lender out there that does Min. Payment Option fixed for 5 years at 1% with 75% LTV

I know First Federal does .5% first year, then 1% 2nd year,1.5% 3rd yr, 2.0% 4th yr and 2.5% 5th yr

Thanks
Guest
Posted 1/6/2006 10:35 PM (#672 - in reply to #574)
Subject: RE: Min. Payment Option fixed for 5 years at 1%
There are no known banks out there that stick to 1% for 5 years. It's simply so they are protected. Since the minimum payment is a neg am payment, and most borrowers choose this loan to make only the min payment, the lenders have the 7.5% annual increase so the 110% neg am maximum is not reached. It is calculated as - minimum payment + 7.5%. The minimum payment generally increases on average only $50.00 each year.

If you would like further details please inquire at:
http://www.my-lo.com/barbaracruz
Anonymous
Posted 1/11/2006 8:42 PM (#686 - in reply to #574)
Subject: RE: Min. Payment Option fixed for 5 years at 1%
I'm running into an impasse when I shop for an Option ARM. The reserves required are a over my budget. I have over 15,000 on hand. I never heard of 12 months reserves to take out a loan on a new home purchase, with 5% down. The purchase price of 630K is more than 150K under the local resale value. Who can do an Option ARM on my 1st and a HELOC 2nd without reserves to 95% on a new construction purchase?
BEN
Posted 2/1/2006 9:08 PM (#760 - in reply to #574)
Subject: RE: Min. Payment Option fixed for 5 years at 1%
I HAVE DIFFRENT LENDERS THAT CAN DO IT ,I WILL NEED MORE INFO.
YOU CAN E-MAIL ME AT BENRODRIGUEZ@WLGDIRECT.COM
THANKS
Anonymous
Posted 2/11/2006 12:34 PM (#767 - in reply to #686)
Subject: RE: Min. Payment Option fixed for 5 years at 1%
If you still need assistance with this scenario contact me at cathyr@fastapproval.com
jennifer
Posted 4/11/2006 12:49 AM (#959 - in reply to #574)
Subject: RE: Min. Payment Option fixed for 5 years at 1%
dollar mortgage does it!1800362 4224
hotlegs
Posted 2/24/2007 12:02 PM (#1391 - in reply to #574)
Subject: RE: Min. Payment Option fixed for 5 years at 1%
I have 3,5,7,10 yr Fixed Arms!!
A fixed monthly payment with a start rate as low as 1.25 % for the first 5 Years. This is a brand new program!!!!
Contact me at rcontrelli@ffmortgagegroup.com
(631) 673 - 6100 ext 2402
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