July 5th, 2009 11:25 PM by Eric Fang
Here is the qualification:1)LTV<=75%2)Loan Amount up to 900k.3)There are 3 year pre-payment penalty.
You will pay the penalty if any of the following happens:1)Your refi or sell your house in the next 3 years.2)You will payoff more than 20% of the balance within one year.
The penalty will be 1% of the remaining balance.
Who should consider this program?1)Current 3/1ARM or 5/1ARM borrowers with loan amount over 729k.
2)Anyone has 3/1ARM rate around 5.25%