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Do 80/20's or other zero down mortgages exist for high income / high credit buyers?

I start work at the end of summer and will not be able to immediately afford the down payment on a traditional mortgage; however, making mortgage payments will not be an issue with my income. Rather than rent for a few years in order to save for the down payment, I'd rather buy immediately and avoid the multiple moves. Also, I am worried the Fed will raise interest rates in the next couple years and want to lock in a good rate. I am considering homes above the FHA limitations and outside any rural areas.
- Income: $150K per year
- Debt: $30K in student loans and auto payments
- Credit Score: ~760
- Savings: minimal, probably $5-10K when I start working
Are there any mortgage options that make this possible? Do 80/20's still exist?
  • February 26 2013 - Austin
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Answers (3)

You will need to come up with 5% for sure.  Unless you qualify for VA financing.  That is one of the few high income 100% options out there if you qualify.
  • March 14 2013
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Yes, there are plenty of options up to a 95% CLTV.  Best speak with a lender or lenders to see what options you have available.
  • February 27 2013
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2nd liens top out at 95% combined loan to value. even for high credit and high income

  • February 26 2013
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