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Looking for lenders that will do 80/10/10 Loans

Are there lenders in Florida that will do an 80/10/10 or 80/15/5 loans.
Looking for a primary residence for under 200k. DTI is around 28%, and credit score around 740 ( i understand these numbers will be determined later but that is what they are right now roughly), and income in the mid 90's.
What are some of the guidelines or limits on the above numbers that would look promising in getting such a loan.

Thank you in advance for all replies.
  • April 28 2014 - US
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Answers (4)

I agree with the Single Premium MI buyout vs an 80/10/10. There is a .750 cost to the first mortgage for the privilege of doing an 80/10/10 which means the first mortgage rate will be .125 higher than a single loan, in order to avoid paying the .750 cost. That cost is over 1/2 the expense to buy the MI out, then there is the rate on the 2nd which could be as low as the first but will probably be an adjustable Heloc and not a fixed rate loan. You have the score and debt ratio to get an excellent rate on buying the MI out.      
  • April 29 2014
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Morning Evan, 

 What is the reason behind wanting to do a 80/10/10 or 85/15/5? Is it to avoid paying monthly PMI? There is another easier option if that is the case. With your credit and 5% down you can do a single pay premium and buy out the monthly PMI. This makes sense if you plan on living in the home home at least 3 years.  

If avoiding monthly PMI is not "why" please let us know so we can assit you further.
  • April 29 2014
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Profile picture for daveskow
most  lenders  offer the 80/10/10  option  .....meet/ talk / email  with a local lender in order to get some specifics and a pre approval process started  based on whatever hypothetical scenario you want to  use
  • April 28 2014
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I can't see that you would have a problem obtaining such loan(s) based on what you've posted. Scores are good, DTI is great. It depends on the property type. If you are looking at a condo, then that could be a wrench in an 80/15/5 Just a note, since you are apparently looking to avoid PMI, you have to also meet the guidelines of the 2nd mortgage lender. Even if it's the same lender, the 2nd mortgage guidelines could easily be different that the 1st guidelines.
  • April 28 2014
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