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
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
Min Fico 740 Max DTI 41% 6 mo PITI reserves SFR only
Hope that helps.
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
Â· This is a real jumbo program that goes to 90% LTV at 750,000.
Â· Self Insured
Â· 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 â€“ 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:
Ron & Brenda Cunningham
West USA Realty
*** Recognized in the Phoenix Business Journal as "One of the Top 50 Realtors in the Valley" ***
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
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.
Andrew Bloom, Realtor
Bloom / Van Omen & Associates
RE/MAX Excalibur Realty
Phone: (480) 980-2464
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.
$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.
If you need any help with a home, I would love the opportunity to assist you.
West USA REALTY