Are Interest Only Loans available to affluent borrowers?

Asked by Robert Half, California Fri Sep 6, 2013

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Andrew Martinez’s answer
Andrew Marti…, Mortgage Broker Or Lender, Orangevale, CA
Mon Sep 9, 2013
We offer interest only loans. They are available to anyone that meets the income and credit requirements. Interest Only loans aren't only available to "affluent borrowers".

Interest Only loans make sense in some cases. For example if your looking to own the property a short period of time. Very popular loan program for property flippers or borrowers expecting a rise in income.

http://www.loancityhomeloans.com
1 vote
Kari Shea, Agent, San Diego, CA
Mon Sep 9, 2013
Hi Robert,

This question is best answered by lenders (who have responded). You may want to call some as well, we recommend Glenda Meyer with The Lending Company at 619-246-5525, worth the call!

Best of luck,

Mark & Kari Shea
Shea Real Estate
National Association of Realtors
CA DRE License 01713506
1 vote
Claudia Mull…, Mortgage Broker Or Lender, Fremont, CA
Sun Sep 8, 2013
Robert: After the first of 2014, FNMA will no longer be purchasing the interest only ARMS. Before then, you will less and less lenders offering this program. Currently requires 70% equity.

Portfolio lenders may still be offering these, but will require a minimum of 40% equity.
1 vote
Alexander Gr…, Agent, San Jose, CA
Sat Sep 7, 2013
I can certainly help you out. You can call me at 408-352-5147 or email me at AGreer@themortgageoutlet.com. You can check us out at http://www.TheMortgageOutlet.com. I will look at your situation and present you with some options.

Alex Greer
NMLS #1056079
1 vote
Tina Lam, Agent, San Jose, CA
Fri Sep 6, 2013
Yes .
Web Reference:  http://www.archershomes.com
1 vote
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