Interest Only Loan
Interest Only Loan is one in which the borrower has the option to pay only the interest on the principal amount borrowed for a predetermined period of time. This interest-only payment term is between 3 and 10 years. After the term is over, the payment converts to a principal and interest payment that is fully amortized over the remaining term of the mortgage.
|Max Loan-to-Value: (1-2-unit Primary)|
|Minimum Credit Scores:|
|Maximum Debt-to-Income (DTI):|
|Funds to Close / Reserves:|