General Area in 21863>Question Details

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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4
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.



Greg
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.

Thanks

Brent Mendelson
Senior Loan Officer
1ST Mariner Mortgage
O-240-235-5314
C-301-412-0259
F-240-235-8236
Bmendelson@1stMarinerbank.com
Lending in all 50 states
nmls#111407
0 votes Thank Flag Link Wed May 2, 2012
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