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I am looking for a 10 yr interest only loan in CA. How can I research banks that offer this loan?

  • August 10 2012 - Manhattan Beach
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Answers (7)

I have some great I/O options.  They're a little harder to qualify for these days, but they're great loans.
  • August 25
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There are a few banks that offer I/O loans, including the one where I work.  Typically they are hybrid ARM type loans where the rate and interest-only payment is fixed for 5, 7 or 10 years, then the rate can adjust and it goes off the interest only payment to a fully amortized payment over its remaing term. 

We also have a 30 year fixed rate I/O with interest-only payments for the first 10 years, then P&I for the remaing 20.  We portfolio these, to loan amounts of $4,000,000.  The best Pricing is for loans between $417,001 to 1,500,000. 

Lately, I have been doing several 7/1 I/O loans for non-owner and second homes.  The 7/1 is priced almost the same as the 5/1 and way under the 10/1, so it seems to be the most popular.

Owner occupied 1 to 4 units properties can go to $1,500,000 Maximum  at 80% LTV.  Second homes and Investment 1-2 units, can go to 80% LTV, but at lower loan amounts.
  • August 22
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we have several providers that give interest only 10/1 loans. including both 30 and 40 year terms.  it would help to know the credit score, loan amount, property type etc etc.  thank you
  • August 22
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  • September 16 2012
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Most lenders don't advetise the int only loans because it is not a very popular program. Most people are doing P+I loans nowadays.

You should call a few companies to get quotes for interest only. You will need to have a loan to value no greater than 70% to do int only now and you will need 12 months worth of payments in a bank account to cover the reserves requirement.

If you fit these 2 guidelines, I can also give you a quote.

Need the following info to give an accurate quote
1) loan amount
2) estimated value
3) FICO score
4) owner occupied?
5) type of home
6) with or without an impund account?
7) type of loan (ARM or fixed)
8) any 2nds on the property?

  • August 10 2012
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I can do interest-only loans in California.
  • August 10 2012
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Profile picture for daveskow
Post request here wouldnt hurt  ...you might clarify what amount  is needed...location ?  refi or purchase?
 credit score
  • August 10 2012
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