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Seattle Bubble Forum Archive • View topic - do PRIME neg-am loans exist?

do PRIME neg-am loans exist?

Myth propagated by bitter ignorant renters, or statistical reality ignored by real estate professionals?

Moderators: synthetik, The Tim, Lake Hills Renter

do PRIME neg-am loans exist?

Postby sniglet » Wed Aug 27, 2008 2:32 pm

Does anyone know if there such a thing as a negative amortization prime mortgage, or all neg-am offerings either sub-prime or Alt-A? Is it also the case that there is no such thing as a 100% financed prime mortgage?

I am just trying to get an understanding as to whether it is only sub-prime or Alt-A borrowers who might find themselves with little or no equity.
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Re: do PRIME neg-am loans exist?

Postby Robroy » Wed Aug 27, 2008 2:50 pm

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Re: do PRIME neg-am loans exist?

Postby rose-colored-coolaid » Wed Aug 27, 2008 3:34 pm

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Re: do PRIME neg-am loans exist?

Postby jillayne » Wed Aug 27, 2008 4:50 pm

Hi Sniglet,

I believe they do exist. Reason why is that it use to be (ha, ha) very difficult to get a pay option/interest only/negative am ARM loan. A homeowner was required to have a very high "prime" credit score. I'm guessing these would be vintage 2005/2006 and older. 2006 and after, the wholesale lenders started competing with each other very heavily and we saw credit score, underwriting guidelines and downpayment requirements go down drastically.
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Re: do PRIME neg-am loans exist?

Postby Ubersalad » Wed Aug 27, 2008 6:45 pm

Yes, option arm at one point was available only for strong borrowers. World Savings at one point had a very strong portfolio, and all they did was option arms.
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