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Looking to purchase new home for 670k, have 10% down. Is there a loan out there that will work?

I am in a bind, have a house for sale currently but need to close on new house by the end of march or i have to pay penalties from the builder (toll bros). Ideally the loan will be short term, unit the house sells and then I would refinance with a substantial down payment. 
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February 05 2013 - Mystic
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Answers (5)

You definitely have available options. I work with a large network of lenders and would like to help you decide which makes most sense based on your goals. Please give me a call when you have a moment of availability so we may further discuss the details in greater depth. My contact information may be found in my profile.


Kindest regards,


Paul Marzolla
Loan Officer
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February 06 2013
Yes there are loans out there for 10% down. Would you consider 85% first without pmi of any type with a tandem home equity up to 90%?
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February 06 2013
Most companies that work with US Bank will get that loan for you. They also have a 90% loan with no mortgage insurance (unless they phased it out since 6/12). 
Another option is to call around to credit unions and see if they'll hold back a second mortgage. You also have to make sure that the bank you are using will work with a second mortgage lien holder. One such credit union is Georgia's Own. In order to join, you must live in GA or claim that you work with the Catholic community (no kidding).
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February 05 2013
Agree with Clay.  Do a first mortgage for $417k and a second for $186k.  My group can help you out with this.  If you would like to contact me through my profile we can discuss this further.
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February 05 2013
If you can qualify with both house payments then buy the new home with an 80/10, 70/20, 60/30, etc and once the home sells pay off the piggyback.
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February 05 2013
 
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