Wachovia Portfolio is able to do foreign national purchases at 70% LTV as long as funds come from US Bank and the borrower is not employed by a foreign government. We offer the COSI Pick-A-Pay.
The COSI Pick-A-Pay gives your borrower the flexibility to choose from 4 different payments each month. The combination of the 125% payment cap and very stable COSI index (Wachovia Bank CD rates) prevent this from recasting for 10 years typically. This is a very safe loan as compared to the "death trap knock-off" option-arm loans we are used to hearing about in the news.
I can also take out the minimum payment and leave only I/O, 30 and 15 year payment if desired.
Please let me know if this works for your client.
Phil Koch
Mortgage Banking Leader
Wachovia, 4th largest Bank in US
California Central Coast Division
pkoch944@worldsavings.com
Cell: 661-343-3556
Fax: 800-307-7614
"To understand the COSI Pick-A-Pay is to love the COSI Pick-A-Pay"