Looking for a long term Interest Only Mortgage?
What is 40 Year Interest Only Mortgage?
Its interest only for the first 10 years then fully amortizes over the next 30 years.
The minimum loan amount is 250,000 maximum loan amount is 2.5 million can do this for primary residence second home or investment property all property types.
You can take 40 years interest-only loan for a purchase a refinance or a cash-out refinance
40 Years Interest Only Loan requires a minimum 700 qualifying FICO Score for a primary residence
720 per second home or investment property
The maximum DTI debt to income ratio is 45 per cent
LTVs loan to values vary and requires reserves
How do 40 Years Interest Only Mortgage work?
What is the Eligibility for 40 Years Interest Only Mortgage?
The 40 year mortgage provides lower monthly payments and increased buying power.
What are the Advantages of 40 Years Mortgage?