Home Buying in Houston>Question Details

Lavared, Home Buyer in Houston, TX

Are 80/10/10 home loans still available? If so where can I get them with my excellent credit scores.

Asked by Lavared, Houston, TX Wed Feb 9, 2011

We are planning to buy our 1st home purchase but only have 10% to put down (after accounting for other house related expenses). Where can I get 80/10/10 home mortgage ? My credit scores are excellent.

Help the community by answering this question:


Thank you. Will contact a few shortly. Btw what are the Firsttime homebuyer programs available and where can I find more info on them.
0 votes Thank Flag Link Tue Jan 1, 2013
We at Arcus Lending recently launched the 80/10/10 loan program. You can read the details of the program at our blog post- http://lendingexpertblog.com/say-no-to-mortgage-insurance-pm…

Or you can contact me directly at Shashank@ArcusLending.com or at 1-855-644-LOAN
0 votes Thank Flag Link Tue Jan 1, 2013
We can help you with that.

You can get a 80% loan from a 1st lien lender with the best interest rate and the other 10% from a 2nd lien lender with a little higher interest rate.

Another option is to get mortgage insurance.

Frank Zhu
0 votes Thank Flag Link Thu Feb 17, 2011

If your credit scores are as good as you say they are then you shouldn't have a problem getting a 80/10/10 loan. You also have the option of looking at a 80/15/5 down to a 680 FICO score on the 2nd lien if you wanted to go up to 95% LTV.

Feel free to also look at First Time Homebuyer programs as well.

Good luck.

Scott Butcher
Mortgage Banker
Maker Capital Group, LLC, an Ameripro Funding Co.
0 votes Thank Flag Link Fri Feb 11, 2011
80/10/10 is available right here in Houston with my bank. I work in Houston and can email you a written quote after we discuss your purchase price. Just send me an email or call me. Thanks - Kyle Holm
0 votes Thank Flag Link Thu Feb 10, 2011
These are readily available with a minimum 700 credit score. As was stated you can go as high as an 80/15/5 for second lien financing.

Don Groff
REALTOR | Mortgage Broker
Keller Williams Realty | 360 Lending Group
0 votes Thank Flag Link Wed Feb 9, 2011
These types of loans are "thing of the past"... Confer with mortgage broker who will review your loan application for mortgage approval.

Lynn911 Dallas Realtor & Consultant, Loan Officer, Credit Repair Advisor
The Michael Group - Dallas Business Journal Top Ranked Realtors
0 votes Thank Flag Link Wed Feb 9, 2011

The short answer is you can get them just about anywhere. Most lending companies still offer this product as well as 90% loans with no mortgage insurance if you would prefer one monthly payment instead of two. Good luck with the search and if you have questions just let me know.

0 votes Thank Flag Link Wed Feb 9, 2011
Zeus Mortgage - 713-275-9387
0 votes Thank Flag Link Wed Feb 9, 2011

I have a question for you....why do you want an 80/10/10 mortgage? I would assume your answer is to avoid PMI (private mortgage insurance) you would have to pay on the mortage for the lender until you reached 20% equity in the home. With 10% down, your 90% mortgage would have PMI attached. But with the second 10% loan would go towards your "down payment", your 80% main loan would not require PMI.

I understand some buyers can write-off their PMI payment on their Federal taxes just like they can write-off the interest they paid and their property taxes. Restrictions apply, but you might want to explore that before getting this 80/10/10 type of mortage. That second smaller loan is typically at a higher interest rate. If you compare a 90/10 (10% down, 90% mortgage) VS your 80/10/10..the monthly payments are very similar, but lower overall interest and more write-offs.

You need to get with a good, patient lender that will show you the numbers side-by-side and how much each loan cost you over a one year, five year, 10 year time span plus the monthly payments. Go to my web site as I have several great loan officers that would love to speak to you. Loans are tougher to get these days so planning ahead before you find that perfect home is the way to go.

Good Luck,

Mark McNitt
Bernstein Realty
m 832-567-4357
0 votes Thank Flag Link Wed Feb 9, 2011
They still exist. The 2nd lien is a lot harder to get these days, but certainly available with 2nd lien rates in the 7's

There are also no pmi loans... rolled into the rate.

Tom Burris
Mortgage Banker
214-763-4629 cell/text/nights/weekends
Lending all across the Great State of Texas!!
Web Reference: http://www.dallasloanguy
0 votes Thank Flag Link Wed Feb 9, 2011
You can also get an 80/15/5 if your scores are excellant.

Contact me after you get your pre-qualification letter and I will happy
to help you find your 1st home.

Larry Stovall
0 votes Thank Flag Link Wed Feb 9, 2011
As the others have said these loans are available. You must meet the ratio requirements and credit scores must be over 700 for the second. We are in Houston and would be very happy to help you with your purchase. You can check us out and apply at http://www.Texasfinance.net

Lacinda Homfeld
0 votes Thank Flag Link Wed Feb 9, 2011
Well, I would certainly love to help you with that! It can definitely be done. Please contact me if you'd like a quote. Thanks!
0 votes Thank Flag Link Wed Feb 9, 2011
80/10/10 loans are still available. There are restrictions on debt to income ratio, reserve funds and of course it takes pretty good credit score. Let me know if you would like further information.

Thank you!
Ricky Coles
Integrity First Home Loans
1221 W Campbell Rd, Suite 115
Richardson, TX 75080
972-918-0404 Office
972-948-2630 Mobile
972-918-0909 Fax
NMLS License #209438
0 votes Thank Flag Link Wed Feb 9, 2011
Yes they are still avaiable. I am a mortgage banker that is local here in Houston. I would like the opportunity to work with you on your first home purchase. Please feel free to contact me with any questions or concerns that you may have. I hope you are having a great day!
Web Reference: http://www.kgcm.com
0 votes Thank Flag Link Wed Feb 9, 2011
They are still available. You may need to have some collateral to put up though. It just depends on your relationship with your bank and your strength as a borrow. I would recommend you start looking at the bank you currently have your bank accounts with.
Web Reference: http://www.txkbroker.com
0 votes Thank Flag Link Wed Feb 9, 2011
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2016 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer