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.
Lending Criteria | Description |
Purpose: |
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Property Type: |
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Max Loan-to-Value: (1-2-unit Primary) |
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Qualifying: |
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Minimum Credit Scores: |
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Prepayment Penalty: |
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Maximum Debt-to-Income (DTI): |
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Recourse: |
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Broker Fee: |
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Terms: |
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Funds to Close / Reserves: |
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Income Requirements: |
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Closing Timeframes: |
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Amortization: |
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Collateral: |
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Seasoning: |
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Other Costs: |
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