I am a real estate agent. My client was just told after contracting for a home in Howard County that the lender can no longer do an 80-10-10 loan with fixed 2nd, both loans 30-year, because Howard County MD is a declining market. Are there other firms with a fixed 80-10-10? by thehan_386_103 from Silver Spring, Maryland. Jan 21st 2012
Generally speaking, the 80/10/10 is still available in most area. The 80/20 has gone the way of the dinosaur. 80/10/10 options are very different than a few years ago and can potentially be harder to obtain today. Each client and their personal qualifications are different. Bank loan officers are not licensed and have the smallest number of options available to them. Contact another local licensed loan officer for a second opinion.
Why cant they do a 80 LTV and pay PMI? If they have good credit the cost of the PMI wont cost as much as the high rate second mortgage they were going to get.Joe Shamie 866-970-3400 x-274
I can get your borrowers a fixed 30 year loan at 97% LTV and downpayment assitance if needed. Also can credit from lender towards closing cost. Give me a call Im an expert in DC market.ask for Gordon at 540 293 9296 I know i can help yoour client, I can go down to a 540 Fico score. I also work weekends as well so call me any time .Ths can be done
Howard County a declining market? I don't think so. I haven't seen an 80-10-10 product in a couple of years. Lenders don't have appetite for 2nd mortgages these days. We can do an 80-5-15, if the borrower can come up with 15% down. otherwise take a look at Lender Paid Mortgage insurance. It's a good alternative.
The purpose behind an 80-10-10 is to do a 90% LTV transaction with No PMI. In today's lending world, lenders are much more skittish than ever before and most have instituted thier own overlays. Overlays are additional underwriting requirements or more restrictive lending policies than Fannie or Freddie require. Most lenders are going to insist on MI if the borrower is not investing 20%. As far as declining market. Lenders and MI companies are not universal. There are many counties that one or more lenders classify as Declining, but others do not. Contact a Mortgage Banker/Broker, rather than one of the big banks. Unlike a bank employee, who is most likely just an order taker, a Mortgage Broker/Banker is Trained, Tested and Licensed in all aspects of Mortgage Origination. He/She will have access to loan products of many lenders, not just those of one bank. Don't forget to check out your selected Mortgage Originator at the National Mortgage Licensing System at www.NMLSConsumerAccess.org ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ www.LoansA2z.com
Ask our community a question.