Summary of Basic Loans
Here is a basic summary of some of the loans available to California borrowers:
Payment Option Loans
- Full documentation
- Stated documentation
- No ratios
- Up to $3 million
- Ignore consumer payment lates up to 90% loan to value ratio
- These loans offer the borrower the chance to make a lower payment than a regular loan
- Interest only options are available for different loan terms, including 5, 10 or even more years
- This is the standard mortgage loan
- Options now include a 10 year interest only option
- Some lenders even offer an interest only options for all thirty years
- This is a newer loan term that allows borrowers to have a lower monthly payment
- This is a newer loan term that allows borrowers to have a lower monthly payment
- They are often only fixed for 30 years
- Some loans have a balloon payment after the 30th year
- These loans allow people to not pay their mortgage for 90 days
- This is a variant on the minimum payment option loan
- They often feature minimum payment loan options
- Mortgage lates OK
- Verbal verification of employment
- Generally no need to document income, assets, or employment
- Very low documentation to 80% of the value of the property
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