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Old 09-28-2005, 10:34 AM
Posts: n/a
Default Re: [IncomeProperties] PICKAP-A-YMENT


The lender in ths case is World Savings. World Savings does not tell you that what they call a Soft prepay is not really a soft prepay. A Soft prepay means that if you sell the property you walk away with no penalty. If this occurs, and you do not use World for you new home, you are charged a 2% prepayment penalty. Worlds Saving's true APR is also higher than other lenders who also offer the Pick a Payment Option.

Many of these other lenders permit mid credit scores down to a 620, instead of a 650.
I am not trying to slam World Savings, I use them also, but, I use others also depending upon the loan scenario. World Savings will also only loan 70-75% of market value on nonowner occupied investments whereas other lenders will loan to a market value of 90%.

Hope this helps.


Mike Edwards, MBA
Loan Officer
US Funding Group, Inc.
Office: 360-433-6800, Ext. 177
Cell: 503-734-5781
Toll Free: 877-341-4080

adm_malee <> wrote:

HEADLINE: CODI ARM with Pick-A-Pay Feature
In most states with a 650 mid, you may qualify for the Pick-A-Payment
CODI ARM. Based on the CD Index, this is an extremely stable
(rolling 12 mo. average) and flexible program that allows for 4
payment options each month, Minimum payment, Interest Only, 15 year
fully amortized and 30 year fully amortized. For investors, this is
an extremely sweet program....IO payments for the first several
years combined with natural appreciation means an outstanding ROI on
every property for you. For real estate agents, this means your
clients qualify for more house. For the homeowner, you'll benefit
from greater flexibility in managing your cash flow.

Dave Hurlbrink
(970) 641-1846

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Mike Edwards, MBA
Loan Officer
US Funding Group, Inc.
Office: 360-433-6800, Ext. 177
Cell: 503-734-5781
Toll Free: 877-341-4080

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