Profile picture for DMStef

Piggyback loans in Oregon

Does anyone know of a lender servicing the Portland, Oregon area that offers 80-10-10, 80-15-5 or other similar types of loans for a $460,000 (approx) home?
  • February 06 2012 - West Linn
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Answers (3)

Profile picture for KKSka14
I'll tell you, I priced a guy out on a $550,000 transaction earlier this week and paying the premium upfront saved him net $250 per month. He wanted to put down 10% and instead put down 7% and used the 3% to pay the single premium PMI. He was very happy to pay the same amount of money upfront with a $3,000 annual benefit. Granted, the pay back period is about 5 1/2 years, but it made a lot of sense in his situation. He wanted to keep total payment under $3,600 but the seller wouldn't budge on the price. We got him down to $3,390 all-in for the same sales price.

Every transaction requires its own structure.
  • February 10 2012
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We have seen some pretty aggressive pricing on the Single Premium MI. I would stick with 10% down to avoid jumbo and get a lower rate on the SPMI premium... assuming you have a 720 credit score or better. You could always bump up the rate a notch or two to benefit from a lender credit to help towards the premium or other closing costs.

The single premium is a great product... a one time buyout of the MI and you are done with it! 

  • February 10 2012
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Profile picture for KKSka14
Brother, the era of piggy back loans is dead. If you have 10% to put down then put 7% down and use the other 3% to payoff your PMI upfront. Problem solved.
  • February 08 2012
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