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South Bay Los Angeles - 5% cash downpayment availability

First time buyer in South Bay area of LA with family gross income slight more than 250k (stable income - physician) - only have 60k saved up with another 150k in retirement savings. no debt but childcare cost 3k/mth. looking to buy a single family residence. credit score >800 & hoping to find a place for 650-800k - are there any 80/15/5 loans we would qualify for or 95/5 (no fha pls) ?

thanks.
-SBfamily
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November 11 2013 - Torrance
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Answers (5)

Based off of your scenario there are lenders like myself that can do a 5% down mortgage without it being FHA. I recommend you speak to a lender like myself that can do this. We would be happy to speak with you to help you get the loan that you need. If you have any further questions or if you would like a loan, feel free to contact me.

Good Luck!
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November 12 2013

Hi SBfamily,

The best option for your current situation would be to come up with a 10% down payment, and look into 80/10/10 option.  This would allow you to eliminate mortgage insurance, which it seems you are trying to avoid. 

Because the size of the loan falls into High-balance territory, there are not many options out there for less than 10% down on this purchase price.

Feel free to contact me through my profile if you have any additional questions.

Best,

Bryan

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November 12 2013
Not sure why no FHA?  With FHA you would need only a 3.5% down payment.  It would require Mortgage Insurance (MI).  Currently, FHA MI has to be included for the life of the loan, but you could look at a re-fi in 1-2 years (or less) and get out of the MI.  This way you are in a home, at the down you are looking to make, and can make changes at a later date to remove the MI.  

Just some thoughts, but if you would like to discuss your unique buyer profile I would be happy to have a discussion with you.  No obligation, no sales pressure, just straight talk about yours needs and the goal of purchasing your first home.  Now is the time while rates are still low as well.

Let me know if I may be of assistance.

Make it a Great Day!!

C. Lee Miller
Broker Associate
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November 12 2013
The Best that I have seen is a 10% down option, which we offer. If you want a down payment that low you might be able to go VA if you are a veteran.


Alex Greer 
Loan Officer 
NMLS #1056079 
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November 11 2013
I realize you mention no FHA, but have looked at 15 Year FHA option?  

The mortgage insurance works out more or less to what you would expect to pay on conventional loan if it was available with 5% down (or equate to the premium you pay on the 2nd position loan).    The MI rate is .70 for loan amount up to 625500 and .95 for higher loan amount (not to exceed 729750).   This allows you to put only the 5% down and have the entire loan financed at a fixed rate and likely a lower rate than what you would find on conventional.

With 3000 monthly childcare, I can see if you are focusing only on 30 year loan terms, but if the 15 year can potentially fit well into your budget, you can buy up to ~765000 with 5% down.  

If that doesn't work out for you the other option to look at would be Physician loan at BBVA Compass, I believe the available interest rates will tend to price above what is available through the more traditional channels, but certainly this is also worth exploring for you.
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November 11 2013
 
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