Home Buying in Boston>Question Details

Chris, Home Buyer in Beverly Farms, MA

Do any lenders in the Boston area offer piggyback (80/10/10) or 10%-down jumbo loans?

Asked by Chris, Beverly Farms, MA Wed Feb 13, 2013

My wife and I are (or hopefully will soon be) first-time home buyers, and I have a high enough income that we could comfortably afford the mortgage payments, but we don't have enough saved up for a 20% down payment and our bank requires 20% down for all jumbo loans. I realize that this is the standard for most of the major banks, but is it a universal requirement?

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9
Most certainly can get either. However, the final decision depends on your income, credit score and history, and lastly the property itself.
1 vote Thank Flag Link Thu Feb 14, 2013
Your best approach is to work with an experienced mortgage broker - one who works with many lenders. They will have access to a wider range of mortgage options. Some will be able to offer portfolio loans where it will not be sold on the secondary market, giving the lender more control over what loans to make. Be prepared to pay higher interest rates - the lender has to cover what is rightly considered a higher risk. Good Luck.
1 vote Thank Flag Link Thu Feb 14, 2013
I would contact a few different mortgage brokers and let them guide you.

best of luck
0 votes Thank Flag Link Mon Apr 29, 2013
My company offers the 80-10-10.

Rich Shapiro
Asset Mortgage
Natick Ma
0 votes Thank Flag Link Sun Apr 28, 2013
Hi Chris,

I would contact a local lending professional to help with this answer.
There is not enough detail in your question.

I know this guy can be helpful: rtranchell@totalmortgage.com
Bob Tranchell Total Mortgage Services LLC (508) 367-5731 cell


(Please note: when you choose an answer as a Best Answer, or at least give a thumbs up, it helps those who answer questions here.)
0 votes Thank Flag Link Thu Feb 28, 2013
Some lenders do only, TD Bank does offer them.

Best Of Luck
0 votes Thank Flag Link Wed Feb 13, 2013
Hello Chris, TD Bank offers a strong 30 yr fixed product for this situation with both a line of credit or fixed rate 2nd lien option as well for the 10% piece. Loans up to $1,500,000. Call me if you would like to discuss further. 617-775-8110.
0 votes Thank Flag Link Wed Feb 13, 2013
We have both the 90% loan with no pmi and an 80-10-10 option as well.
0 votes Thank Flag Link Wed Feb 13, 2013
The 80-10-10 options are certainly available. Not all lenders offer piggyabck above 80% combined loan to value, but there are options available. We also have a jumbo option which is a single loan at 90% of the purchase price without private mortgage insurance, PMI.
0 votes Thank Flag Link Wed Feb 13, 2013
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