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do lenders still do 80% loans with another 10% loan if I have 10% to put down

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September 23 2009 - Eugene
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Answers (3)

Profile picture for sarah.bella
In general, Andy and Dave are correct.  There is a lender, however, that I know of who will do a 90% loan with no MI (Mortgage Insurance) as long as your credit is satisfactory.    I hope that you have found the information that you are looking for.  Please feel free to contact me if I can answer anything for you more specifically.  Best wishes to you as you embark on this purhase!
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September 30 2009
I agree with earlier statement.  These are hard to come by to 90% and the terms on the 2nd would likely be non-favorable regardless.

I would consider reviewing one loan to 90% and compare the different types of private mortgage insurance.  (Borrower paid, lender paid, or split/hybrid MI).  Comparing each will allow you to determine which one offers the lowest monthly payment and terms for your intended life of this loan. 

Hope that helps!
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September 23 2009
Profile picture for daveskow
9/23/09

No not really many of these  " 80/10/10" options or programs around any longer ....most buyers with 10% down are  either needing to pay the monthly mortgage insurance , or  use what is called a " lender paid mortgage insurance ( LPMI)  program  ( which has higher rates)   or find some sort of  unique program / lender that might have a  90% ltv program that requires no mortgage insurance ( eg. US BANK )
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September 23 2009
 

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