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What are the down payment requirements if I'm doing 1st (5/1 ARM) and 2nd Trust? In speaking with We

  • February 28 2012 - Noblesville
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Answers (3)

There are 2 ways to do it, 5% down and finance 95% with multiple options for the mortgage insurance or split the loan into 2 loans with an 80% first mortgage and either a 10% second or 15% second if you can find a lender offering that. Then there is FHA with 3.5% down.  
  • February 28 2012
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Thanks Clay. That's the answer I was looking for. So, basically you can finance some of your down payment into the 2nd, correct?

If I put 5% down in cash, my second would be 15% to equal the 20% down.
  • February 28 2012
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Your question was cutoff, hit post reply and finish your question. If you are doing an 80/10/10 then 10% down, if 80/15/5 then 5% down payment. If you are asking what lenders offer the highest CLTV in IN then hopefully an Indiana broker or lender will post. If you use a Heloc as the 2nd know you will have to qualify based on 2 points over the note rate on the Arm 1st mtg and probably 1% of the line of credit so that can push your qualifying debt ratio up.
  • February 28 2012
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