Financing in Scottsdale>Question Details

Eric, Home Buyer in Mesa, AZ

Can you get an 80-10-10 loan in Arizona?

Asked by Eric, Mesa, AZ Sat Jan 28, 2012

I have >700 fico, looking at financing >417k and want to avoid a jumbo

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8
Bill Bailey @Chase Bank just did an 80-10-10 for us with remarkably low loan fees and he was great to deal with. I highly recommend him.

Bill Bailey | Senior Mortgage Banker | NMLS ID #151346 | Mortgage Banking | Chase

Cell: 480-213-7227 | Fax: 866-647-6095 | Email: Bill.T.Bailey@Chase.com

Website: http://homeloan.chase.com/bill.t.bailey

Good luck.
D.
0 votes Thank Flag Link Sat Jul 28, 2012
Eric; I can arrange 80-10-10 for you. This used to be a very popular method of financing. I have done quite a few personally. With your fico score, I see no problem of doing it again. If you call or email me, I can tell you quickly if what you are trying to do will work. Phil Griffith, Russ Lyon 480-502-3500 or phil.griffith@russlyon.com
0 votes Thank Flag Link Sat Jan 28, 2012
Eric,

I am not aware of 80-10-10 however we do have access to a one loan Lender paid MI program that will allow you to finance up to $750,000 with 10% down.

Primary Residence Purchase & R/T Refi
90% $750,000
85% $850,000
Min Fico 740 Max DTI 41% 6 mo PITI reserves SFR only

Hope that helps.
0 votes Thank Flag Link Sat Jan 28, 2012
Eric,

You will just need to check with a few lenders to see who can do what you want. I recently had a 80-10-10 done by one of our lenders for a client. I also received the following information on a 10% down jumbo recently from another lender we use:

NEW - JUMBO LPMI Piggyback Buster Programs

· This is a real jumbo program that goes to 90% LTV at 750,000.

· Self Insured

· No reduction in financing for declining markets

Purchase and R&T only

740 Minimum FICO Score

Max DTI 41%

Investor Prior Approval

Full Mortgage Appraisal

INVESTOR WILL ORDER appraisal review – Expect YW Turn times of 2 weeks (no exceptions)

Please expect UW turn times of 2 weeks

If we can be of assistance helping you in your home purchase don't hesitate to call us! You can search the official MLS like we do here:
http://link.flexmls.com/ua70wacvime,12

Enjoy!

Best Regards,

Brenda

Ron & Brenda Cunningham
West USA Realty
602-980-3133
*** Recognized in the Phoenix Business Journal as "One of the Top 50 Realtors in the Valley" ***
0 votes Thank Flag Link Sat Jan 28, 2012
Good morning

Unfortunately many 80-10-10 products have not been aroud for a few years. There are a few professional loans from major banks such as bbva compass and wells fargo that with enough deposits on file they will make exceptions.

For the norm Max loan to value ration with a good fico and established credit is 97 percent up to 417K loan for anything over 417K you would need to go with a jumbo loan they have a max Loan to value ratio of 90 percent with higher credit and 6 months PITI the good thing is you don't have to worry about any mortgage insurance it is a very good option good loan!

We work with some fantastic lenders the information for your question was provided by Brandon Holt
Senior Loan Officer
The Holt Mortgage Team
7033 E. Greenway Pkwy Ste 290
Scottsdale, AZ 85254
Office: 480-905-6727
Cell: 480-797-0955

If you ever need any other assistance with any real estate question please feel free to give me a call or send us an email.

Sincerely,
Andrew Bloom, Realtor
Bloom / Van Omen & Associates
RE/MAX Excalibur Realty
Phone: (480) 980-2464
Email: bloom@scottsdale.com
0 votes Thank Flag Link Sat Jan 28, 2012
Hi Eric:

The short answer is "it depends".

There are banks out there doing second mortgages specific to your situation (with caveats, of course). There are also Mortgage Insurance carriers allowing for up to 95% financing these days, so "it depends" on how much over $417K you want to go (80-10-10s do not necessarily need to be exactly that). Howard is correct in that "it depends" on a number of factors, and a FICO > 700 is one of them, along with income and assets (reserves, etc.).

Conventional is the only non-jumbo loan which goes as high as $417K here in Maricopa County, so that type will be your only choice.

Give me a call on Monday and we can go over your total situation to determine which is best for you.

Bill.
0 votes Thank Flag Link Sat Jan 28, 2012
Eric

$417,000 is the current top end for conventional conforming loans, we would not need to do jumbo for this.

The low down payment may or may not be attractive based upon your complete file. Conventional with 20-25% down seems to still be the best interest rates for most buyers, however programs have come out offering the lower down payments again.

Why don't we connect and really dig into your situation and look at the options. I have a few different lenders I work close with and after a discussion we could determine the best fit you your situation.

We should look at everything, Conventional, FHA, VA, all programs to see what actually works best for you.
Web Reference: http://www.McVinua.com
0 votes Thank Flag Link Sat Jan 28, 2012
Lenders look at each individual on a one-on-one basis these days because of the high risk of loss. Here are the names of two lenders to contact about your needs. I utilize both of them in my real estate practice. They both do a great job for my clients and I. Jim Buchanan - Academy Mortgage 480-241-6908 and Chrissa Michelle with Peoples Mortgage 602-770-8423.

If you need any help with a home, I would love the opportunity to assist you.

Sincerely,

Howard Rudin
West USA REALTY
602-390-8088
0 votes Thank Flag Link Sat Jan 28, 2012
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