Financing in Charlotte>Question Details

Home seller…, Home Seller in Charlotte, NC

Are there still 80/20 mortgage loans out there in this day and time? If so, where can I find current rates for the 20?

Asked by Home seller in NC, Charlotte, NC Thu May 9, 2013

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Those loans are rarely made these days. Most borrower who qualify have substantial net worth, generally in excess of $2M. If you qualify, your rates for that 20% will be close to the other 80%.
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1 vote Thank Flag Link Thu May 9, 2013
80/20's are hard or impossible to find unless you have substantial assets and you're a medical doctor. However, there are several down payment assistance programs that will work but there are income caps. Also, USDA offers 100% financing but it's not offered in most of Mecklenburg County. Otherwise, 3% down conforming with mortgage insurance is the closest you will get.

Wes Hallman
Premier Commercial Bank
Charlotte, NC
0 votes Thank Flag Link Mon May 13, 2013
Good afternoon, Home Seller:
These type of loans are no longer common. But there are several low down payment and down payment assistance programs for qualified borrowers. If you contact through profile and advise what you are trying to accomplish, there are likely many options/alternatives. If you appreciate an answer, please give thumbs up. For the most helpful answer, please say thanks with a best answer click.
0 votes Thank Flag Link Thu May 9, 2013
Thee are not lenders doing those type of mortgages anymore...That was the problem that got a lot of people into the position theya re in now with losing their homes and banks have stopped that. there are other loan programs available and some can eb done without any down payment like VA or USDA territory areas.

however; most require at least 3% down payment depending on credit score and up.

Dave diCecco
Coldwell Banker United
0 votes Thank Flag Link Thu May 9, 2013
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