This interest only loan, does it require a down payment. How long do you only pay interest. When my hubby and I went for a load 16 years ago we were only allowed double our income. I bet today we get a 1/2 mill dollar house (not that we could afford that).
When my hubby and I went for a LOAN 16 years ago we were only allowed double our income.
Just correcting my spelling!
According to my coworker, no. It was a no-down interest-only ARM with a 100% balloon payment due at seven years. Only a total idiot would take that kind of loan.