There are a number of lenders offering this type of loan program. The
payment rate starts at 1% for the first year and then adjusts upward
each year until the payment rate meets the note rate. Meanwhile, the
note rate which is 1% for the first month then becomes adjusted to a new
rate determined by adding a margin (lender's profit essentially) to an
index (a cost of funds).

This is a simple explanation, there are many, many more details. You
need a good, reputable loan agent to advise you when you look at this
type of loan.

By the way, the 1% start rate is only offered on owner occupied and
second homes.=20

Good luck!

Ed Craine
Smith-Craine Finance
2645 Ocean Ave. #202
San Francisco, CA 94132
415-406-2330 voice
415-406-2340 fax
www.smithcraine.com
ecraine@smithcraine.com=20


-----Original Message-----
From: Crystal Investment Property [mailto:crystalip@comcast.net]=20
Sent: Wednesday, March 09, 2005 4:53 PM
To: IncomeProperties@yahoogroups.com; realestatebuysell@yahoogroups.com
Subject: [IncomeProperties] Residential Loan Program


Anyone have information/feedback on a residential loan program promising
Jumbo sized loans for re-fi's at a current rate of 1% interest over a 30
year term, adjustable and tied to the bank's savings program rates?=20
=20
Thanks - Michelle Kennedy


[Non-text portions of this message have been removed]




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