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Do all lenders doing interest only ARMs require the LTV to be at 70% or lower?

  • May 25 2011 - Cassopolis
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Answers (8)

You could probably get the P&I payment close to that with a fully amortized ARM - rates are in the 3's (with some lenders in the 2's).

$250k @ 3% = $1054.01/mo P&I.
  • June 03 2011
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would like to get monthly payments down below 1,000.
  • June 03 2011
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That's about 85% loan-to-value, I'm not sure who is going that high anymore, even portfolio lenders.

Other than to lower payments, what is the reason you are looking for an interest only ARM?
  • June 02 2011
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loan amount is 250,000 or less and the appraised value is around 290,000.  The value 2 years ago was 385,000.
  • June 02 2011
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Some go up to 75% but I don't no anyone who goes up to 80% anymore on an interest only ARM.
  • May 26 2011
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You need  to find a portfolio lender in your area: small community banks and credit unions. They usually require 20% down.

Happy funding, Rudi
  • May 25 2011
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No. What is your LTV and loan amount?  
  • May 25 2011
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try union bank   or us bank  ( not sure if they lend in michigan )
  • May 25 2011
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