Give me a call or send me an e-mail and I can reply with some material and
explain how this works. I refi a lot of investment property and million
dollar and up owner occupied on these loans to keep cash flow high.

Will Gray
Mortgage Banker
Countrywide Home Loans
Office 866.205.9151 ext 224
Office 512.805.9393 ext 224
Fax 512.805.9396
Mobile 512.787.2030


"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


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





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