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I agree with your assessment on the 40 year note. It is a viable option for those who cannot qualify for interest only or is having problems making the DTI. I've implemented the 40 year when structuring deals many times. We allow the 40 year for scores as low as 500, all credit grades, all doc types, ARM and Fixed loans, O/O, N/O/O & 2nd homes and all property types.
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