There are a few lenders out there that offer 80/15/5 however you will pay a much higher rate on both the first and second. In most instances the blended yield far outstrips any potential savings you seek by eliminating the MI. The reason is that the second mortgage market is not interested in being exposed to 95% leverage. You would be better off applying for conventional at 95% with MI, if at some point in time (after the initial 12 months) you can pay down your loan to 78%, you can request to have the MI removed by paying for a new appraisal. I would be happy to discuss it with you.
If you can find an 80/15/5 first and second mortgage loan, there will almost certainly be a credit score requirement. I don't know of anyone doing an 80/15/5 loan. If you are trying to avoid taking a 95% LTV loan with PMI because of a low credit score you may be better off trying to improve your credit score. Please contact me through my profile and I'll be happy to talk with you about this.
There is a credit score requirement for every loan.I am not aware of anyone doing your requested loan anymore but there are loan officers who answer questions here and they will know more about your request.
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