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80/10/10 Loan

Will need to close on a house Mid May (new construction). Looking for rate locks for conventional 30 year and 7ARM.
 
Purchase Price: $845,000
Max Down Payment Available: $95,000
Zipcode: 92618
Annual Joint Income: $195,000 Base. 90,000 in Bonus and Stocks.
Credit Score: 765, 720 
 
Willing to do two loans if necessary. Not willing to pay PMI. Property is not a FHA eligible property.
 
Are there any banks that can offer these kind of loans at competitive interest rates?
  • April 07 - Woodbury
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Answers (8)

The way I would structure this is your 11% down,, 9% 2nd, 80% 1st loan.
The first can be a 30 year fixed or a 7/1 ARM.  No PMI, no required impound for taxes or insurance.
The 2nd can be an interest-only HELOC or a 15 year fixed rate loan.  Since we do both the 1st and 2nd as a portfolio lender, the 2nd has no points, no fees, no prepayment penalty and uses the same documentation.
You may qualify for our Jumbo Elite loan for lower rate on the 1st. 
We can do a 60 day rate lock at time of application.
I would like to help, assuming you are in CA, not NJ....
  • April 08
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We can help with 10% down.

Happy to help
  • April 08
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Hi CK,

Your scenario is definitely doable, and is not uncommon here in Orange County.  I'd be happy to go over options with you.  Please contact me to discuss.  A mid-May closing is no problem.

Good luck,

Robert
  • April 08
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Yes, there are 80-10-10 options and 90% LTV options with no MI as well.
 
  • April 07
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Hi there.  There are options for 80/10/10 in which you'll only need a 10% down payment.  I also have an option where you can have one loan up to 90% without paying PMI.  Would you be interested in an estimate for a 30 year and 7 year ARM?
  • April 07
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There are options for you for both 30 year fixed or 7/1 ARM products with having 2 loans via an 80-10-10. Closing Mid-May should not be an issue for you. It is definitely time for you to contact a Mortgage professional directly to get free analysis for the scenarios you are looking at so that you can both get locked in and start getting your file together. Based on the information you provided this doesn't sound that difficult. If I can answer any further questions for you, please visit my Profile where you can access my contact information. All the best!
  • April 07
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We can do a 1st/2nd combo that will work for you. Please feel free to contact me through this website.

Cheers

Mike
  • April 07
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Hi there, Thanks for posting your question here... Contact Martine Lado. You can search for her here on Zillow. Best,
  • April 07
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