Close

See current mortgage rates on Zillow Mortgage Marketplace

Profile picture for sarkar32

80/10/10 loan in northern Virginia

I am planning to buy a $550K property in Springfield, VA. Credit is good, debt/income ratio OK, stable employment history. I am looking for a 80/10/10 loan to avoid paying PMI. I bought my first home using this structure several years ago, but am not sure if these loans are still around. Would appreciate feedback. Thanks.
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
September 03 2011 - North Springfield
We think we've answered this question for you!
  • Be a Good Neighbor. Be respectful and on-topic. No spam or self-promotion! See our Good Neighbor Policy.
 
 

Answers (4)

The most least expensive option may be to buy out the mortgage insurance. With MI, It all depends on Credit, Location , and ltv
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
September 07 2011
Yes, our bank offers these.  We are a community bank in Rockville.  You would want to run numbers both ways to see the differences of a loan with MI vs the second mortgage.  But the main benefit of the 10% second is that you can pay it off at anytime and be left with a much lower overall mortgage payment as compared to a single 90% loan with MI, plus the 2nd is tax deductible.  I would be happy to go over options with you.
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
September 05 2011
I agree with Clay, 80/10/10's are still available. The rates sometimes for the seconds make it less expensive to opt for the MI, but they are out there!
Best wishes, Jim
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
September 04 2011
Yes, that is available. You state your debt ratio is OK, what % do you think it will be?      
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
September 04 2011
 
Related Questions
80/10/10 loan in northern Virginia
Profile picture for Gordon Haraway
Latest answer by Gordon Haraway
September 07 2011 | 4 answers
Mortgage Rates
 
Be A Good Neighbor

Zillow Advice depends on each member to keep it a safe, fun, and positive place. If you see abuse, flag it. More on our Good Neighbor Policy.

Homes for Sale
  1. 7523 Jervis St, Springfield, VA Home For Sale
    7523 Jervis St, Springfield, VA 22151

     For Sale: $449,999

    • Beds: 3
    • Sqft: 1247
    • Baths: 1.5
    • Lot: 10500
  2. 7411 Inzer St, Springfield, VA Home For Sale
    7411 Inzer St, Springfield, VA 22151

     For Sale: $639,999

    • Beds: 4
    • Sqft: 3690
    • Baths: 3.0
    • Lot: 10500
  3. 5800 Atteentee Rd, Springfield, VA Home For Sale
    5800 Atteentee Rd, Springfield, VA 22150

     For Sale: $649,900

    • Beds: 6
    • Sqft: 3190
    • Baths: 4.5
    • Lot: 14505