Financing in 06067>Question Details

Matt, Home Buyer in 06067

Are piggyback mortgages available these days?

Asked by Matt, 06067 Tue Dec 11, 2012

My wife and I are looking to purchase a $599k home and believe we'll be able to make a downpayment of ~$140k. That leaves us with >20% down, but over the $417k loan balance threshold for a conventional mortgage. We would like to take out a first mortgage for $417k to capture the lower rate and a second mortgage for the remaining balance.

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Yes, our mortgage company works with a lender that will allow a stand alone second mortgage. If you have $140,000 to put down, your total financed would be $459,000. Your first mortgage could be for $417,000 to remain within the conventional limits. The second mortgage could be for $42,000. This would be the stand alone second mortgage. The minimum credit score requirments for this program are 700 and all properties financed under this program must be owner occupied.

Feel free to contact me for more information. Jennifer Barone. Executive Mortgage Banker. William Raveis Mortgage. NMLS # 700093. 860 227 4688.
0 votes Thank Flag Link Wed Dec 19, 2012
Matt,

I know that my sister was able to. I would talk to your bank or mortage broker to see what would be best for you, either a lower rate or if paying less pmi. If you would like a mortgage referral I would be happy to give you some. Also, if you have any questions about buying your new home or would like a tour, I would be happy to assist.

I can be reached at 860-368-8383.

Jessica Tracy
0 votes Thank Flag Link Wed Dec 12, 2012
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