Amy T, Renter in Daly City, CA

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

Asked by Amy T, Daly City, CA Wed Feb 5, 2014

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So as to update my response below (again...), here at the cusp of 2016 we can now offer piggyback (aka 80-10-10) up to a purchase price of $1.7MM here in California. Happy to assist with any questions.
0 votes Thank Flag Link Mon Dec 14, 2015
As an update to my previous response below, and as of April 2015, we have the capacity to lend up to a purchase price of a little more than $1.4MM with a "traditional" 80-10-10 structure. The first mortgage can be a fixed rate or ARM loan, and the second mortgage would be a home equity line of credit (HELOC).

Right now, in the 9-county San Francisco Bay Area, and also much of coastal CA (Los Angeles, Orange County, etc.), we will often see home prices ranging between $800K and $1.6MM. These may all be eligible for piggyback or 80/10/10 type structures and it's something with which I'm very familiar.

Get in touch with any questions at any time.

Rob Spinosa
RPM Mortgage
415-367-5959
rspinosa@rpm-mtg.com
0 votes Thank Flag Link Mon Apr 27, 2015
Yes, there are 10% down jumbo loans available as a 80-10-10 up to $1.25M or even less when the client has substantial liquid assets that can be pledged. This is where private banking relationships help a borrower the most. Unless it is a non-warrantable condo, the max is 80% (80/20)

best regards,

Will Cook
Loan Consultant
NMLS# 1048392
(949) 205-7635
0 votes Thank Flag Link Sat Feb 8, 2014
Amy All great answers below.
What I want to add:
720 credit score required for combination of loans exceeding $750K.
0 votes Thank Flag Link Fri Feb 7, 2014
Amy,

We have a program that will permit an 80-10-10 setup to a purchase price of $1,562,500. That would be structured as $1,250,000 first mortgage, $156,250 down payment and $156,250 from the down payment funding match program we offer. It's not technically a second mortgage and I'll be happy to explain how it works if you think it may fit for your scenario.

This program also can match up to 12.5% of a buyer's down payment, so it's possible to buy a home worth $2,000,000 with a down payment of $250,000 and the down payment funding match of $250,000.

I am a local SF lender and my profile and references are easily accessed here on Trulia.

Rob Spinosa
rspinosa@rpm-mtg.com
0 votes Thank Flag Link Thu Feb 6, 2014
Hi Amy,
We offer 80/10/10 up to $1.0 million. We're based out of Newport Beach, CA; however will lend in the Bay area. Please feel free to contact me with any questions. 949-244-8014 http://www.kinecta.org/kkwak
0 votes Thank Flag Link Thu Feb 6, 2014
Hi Amy,

Yes, we offer 80/10/10 loans. ~

Best regards,
Elva A. Wormley
*Mortgage Consultant
*Office (408) 615-8500
*C2 Financial Corporation
*2845 Moorpark Avenue, Suite 209
*San Jose, CA 95128
*NMLS #331981
0 votes Thank Flag Link Wed Feb 5, 2014
Amy,

We can do;

The first to 80% and the 2nd for up to 10% for a combined 90% loan-to-value and a max combined loan amount of $750,000

The first to 80% and the 2nd for up to 5% for a combined 85% loan-to-value and a max combined loan amount of $1,275,000

The first to 80% and have you get your own "outside 2nd" for up 10% and for a combined 90% and a max combined loan amount of $1,100,000 (740 minimum credit score needed)
.
Regardless of whether the lender of the subordinate "outside 2nd" is a private-party individual or an institution, a copy of the note is required to ensure that our parameters for subordinate financing are met.

A minimum down payment of 5% of the value must be paid from your own funds. The remaining down payment may be gift funds.

Feel free to email me for more details

Thierry

Thierry Abel
Senior Loan Consultant
By Referral Only
All California Mortgage
A Division of APMC
P: (415) 464-8261
C: (415) 378-7508
F: (415) 464-2367
E: tabel@allcalifornia.com
NMLS 304353 - BRE 01380701
0 votes Thank Flag Link Wed Feb 5, 2014
Yes. I would be more than happy to help you
0 votes Thank Flag Link Wed Feb 5, 2014
Hi Amy,

We offer 80-10-10 options. We are located here in Walnut Creek. Feel free to contact me directly to discuss.

Best,

Bryan Mecsey
Amerifirst Financial Inc.
Mortgage Consultant
bmecsey@amerifirst.us
Direct: 510-725-2665
NMLS: 861229
0 votes Thank Flag Link Wed Feb 5, 2014
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