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What is your minimum FICO for Pay Option ARM, 100CLTV, purchase, full doc. (California) What are your rates?

2007-01-27 02:56:21 · 2 answers · asked by Successy Lady 1 in Business & Finance Renting & Real Estate

2 answers

Umm, you're asking us for advice that we know will hurt you.

In today's market, the Option ARM should not be used for a 100% mortgage. It is a good option for someone who gets paid in peaks a valleys and is going to make larger payments during the peaks, but even then, only if the borrower is putting at least 20% down. With housing prices freezing, or worse, the Option ARM is pretty much a guaranty of trouble on down the line.

If you need to use this product to afford a home with 100% financing, you are trying to purchase a home that is above what you can afford. And if you are asking about minimum credit scores to boot, then it's very obvious that you need to reconsider your home purchase.

2007-01-27 05:02:33 · answer #1 · answered by CJKatl 4 · 0 0

As the other responder said, not the best option necessarily. There are other options; I suggest you take 30 seconds and fill out the free evaluation form at

www.totaldebtsolutionsllc.com

and they will have an expert loan officer who handles California contact you.

2007-01-27 11:21:52 · answer #2 · answered by CALIFORNIA GOLD 3 · 0 0

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