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#480257 - 01/09/06 07:26 PM Interest only Home Improvement loan
LDM Offline
New Poster
Joined: Nov 2004
Posts: 17
Pennsylvania
Does anyone offer interest only home improvement loans? The concept would be similar to a "construction loan" with 6 months interest only and then P&I payments? Would there be any issues in this type of loan structure?

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Lending Compliance
#480258 - 01/09/06 08:22 PM Re: Interest only Home Improvement loan
juliad Offline
Gold Star
juliad
Joined: Sep 2002
Posts: 445
Dallas, TX
The primary issue that comes to my mind is if the loan term exceeds 1 year, you have an ARM loan subject to all the ARM disclosures under 226.19(b).
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