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Ellis3703, Home Buyer in 21863

do they still have 80,15,5 morageloans in md.?

Asked by Ellis3703, 21863 Wed May 2, 2012

it for a second home only have settlement and 5% to put down

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The banks have sustained huge losses in the second trust mortgage market the last 5 years. I doubt we will see the 80-15-5 again or the wide spread use of the 80-10-10 program.

0 votes Thank Flag Link Thu May 3, 2012
Unfortunately I don't know of anyone that is doing those loans anymore. If this is for a second home you may want to consider owner financing, or set aside the money each month that you would pay for a mortgage and re-visit when you have a larger down payment. Second homes are not all they are cracked up to be :(
0 votes Thank Flag Link Wed May 2, 2012
I may be able to get you a 5% down loan for that, but as Mr. Mendelson said, 80/15/5s are extinct. Do you have any retirement funds you can either liquidate or at least pledge as collateral?
0 votes Thank Flag Link Wed May 2, 2012
No those are long gone as far as I know. You can judge that also by the amount of answers you have.
Anyway I checked guidelines and currently in MD the highest LTV allowed would be 90% on a second home. Sometimes it's not just about what a lender will allow but also what a mortgage insurance company will insure. That figure is 90% at least that I know about. Someone else might do it but I doubt it to be frank. Hope this was helpful and please let me know if you need more advice.


Brent Mendelson
Senior Loan Officer
1ST Mariner Mortgage
Lending in all 50 states
0 votes Thank Flag Link Wed May 2, 2012
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