Mortgage:Programs:

Interest Only ARM

Tierra Capital Corp is pleased to announce a new loan product that has an interest only option.
Highlights
· Purchase or refinance program
· SFR, Second Home, PUD, Condos and Non-warrantable condos
· Not available through DO on the web – FULL Doc, Alt Doc and STATED
· Underwriting payment calculation based on monthly interest only payment
· 680 credit score required
· Non-permanent resident aliens – FULL Doc only to max 80% LTV
· Maximum loan amount to $2 million with 65% LTV, o/o – purchase/rate term refinance, full doc or stated
· Maximum loan amount up to $450,000 at 95% LTV, o/o purchase/rate term refinance full doc. Mortgage insurance required.
· 1 full appraisal and 1 field review needed on loan amounts above $650,000 - $1.1 million. 2 full appraisals are required for loan amounts over $1.1 million
· 2 months reserves required for full doc, 6 months for stated income
· Terms 3/1 interest only 3 years. 5/1 interest only 5 years. 1 year LIBOR index

Please contact me for guidelines for details. These are highlights of the product and not a commitment to lend.