Arturo Abascal
Banking Mortgage Services, Corp.
Cell: (866)215-2143
Office: 305.445.9003
Fax: 305.666.0251
Non-Agency Program
5/1 Libor ARM
Program Description:
This is a variable mortgage product without negative amortization, whereby the inerest is adjusted with the specific index.
Index:
Average rate for one year deposits in the London market, known as The London Inter Bank Offered Rate (LIBOR).
Internest Rate & Payment Change:
The initial note rate is in effect for 60 months. Rate adjusts every 12 months after the initial fixed period.
Maximum Loan Amount: $1 million
Loan To Values:
Primary Home
Purchase - 65% LTV
Refinance - 65% LTV
Cash Reserves: 12 Months PITI
Minimum Credit Score 720
Underwritten By Investor