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Does anyone know of a Lender still doing 2nd Mortgages or a MI company still doing a 90% purchase MI

I have a Borrower with Excellent credit (763 mid) and needs to do a 90% purchase on a Home in Chandler, Arizona.  Since I can not get MI done, I was looking for a 2nd Mortgage.  Does anyone have any ideas on this?
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July 01 - Chandler
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BofA wholesale has a TAMI product....this is a great tool for purchases

As long as the DTI is below 45% or it could be 41% you could do the Tax Advantage Mortgage Insurance...its built into the rate. this can support up to 90% LTV



Stearns wholesale is still using Radian Insurance so they can do 95% purchase or rate/term refis.



Hope this helps!
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July 20
I just closed 95% purchase in declining market at Sierra Pacific (here in WA) you might try them.
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July 08
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You should be able to do either of those options with that credit score provided your debt ratio is in line.  I would talk to some more lenders or look up an experienced mortgage broker in your area.
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July 06
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Dan I'm with Joe, why can't you go to 90% on a purchase?  There are a number of MI company's that will do this here in AZ.
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July 02
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Dan...Why can't you get MI on a 90%.  I just checked 3 different MI companies all who will offer PMI on 90% LTV in AZ
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July 02
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Check with a local credit union.  An associate of mine had a a purchase in which the local credit union agreed to a piggyback 2nd behind the 1st he was doing.  The client had to open an account with the credit union so they were a member, though.
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July 02
Dan - you might try Stearns as they still have the 90% with MI.  Wells Fargo will do 2nds but usually they want to go behind their own 1st but if you have a strong client they can help you.
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July 01
 

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