Ed,
Im believing the cost of funds loan is generally at 1.5 or 1.95% and the MTA is on the 1%...but ..now I am remembering the MTA lenders...are now selling cost of funds and cost of savings and possibly cost of deposits....
the problem I see, is many people get the two types of programs combined....(and they are selling it to the customer...sigh)
Bobbie Floerchinger
Super Mortgage
727-547-8776 office
727-235-3181 cell

Ed Craine <ecraine@smithcraine.com> wrote:
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.

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


-----Original Message-----
From: Crystal Investment Property [mailto:crystalip@comcast.net]
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?

Thanks - Michelle Kennedy


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