Need Help Borrower Wants To Go From A 30 Fixed To A 5/1 Interest Only

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		Mortgage Forums for Mortgage Brokers > Mortgage Business > Loan Scenarios and General Mortgage Talk
Need Help Borrower Wants To Go From A 30 Fixed To A 5/1 Interest Only

#1 (permalink)

09-28-2007, 08:36 AM

shark

Newbie at a desk in the hall

Join Date: Sep 2007

Posts: 8

Need Help Borrower Wants To Go From A 30 Fixed To A 5/1 Interest Only

State: NY
Amount: $444,000
Property type: 2family
Documentation: stated
FICO: 692
LTV: 77%
Occupancy: OO
Loan purpose: Refinance

the borrowers currently have a 30year at 7.5 fixed rate, please help do you think its possible and will any banks do a 5/1 interest only to lower their payments, please let me know some banks that will do this the borrower is self-employed and wants to go stated. Please give me some information on how to get it done.

Last edited by shark; 09-28-2007 at 08:50 AM.

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