Home Buying in 33446>Question Details

jross72, Home Buyer in Delray Beach, FL

Do any lenders offer an 80/15/5 for a purchase price over $1 million?

Asked by jross72, Delray Beach, FL Sun Jun 16, 2013

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If there was an 80/10/10 offered on a $1,000,000 purchase in FL that did not require that the seller hold the second, Cross Collateralization of other property or asset (i.e. CD, Mutual Fund, Stocks) that info would spread throughout the mortgage industry like Wildfire!

I know of a bank that will do a 100% (90/10) but only in central FL and for medium income borrowers.

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0 votes Thank Flag Link Thu Jun 20, 2013
80/10/10 is doable:

Contact me if you'd like additional information;

Sy Zachar
Broker-Associate
Luxury Partners Realty
16950 Jog Road
Delray Beach, FL 33446
561-414-9017 Direct
561-819-5600 Office
561-819-6300 Fax
Sy@LuxuryPartnersRealty.com
0 votes Thank Flag Link Wed Jun 19, 2013
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However, there is an 85% Super Jumbo with NO PMI.

see more at http://WWW.Pro-Option.com.

Also, there is an up to $20,000 credit available on a 1 ml purchase to pay closing costs.

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0 votes Thank Flag Link Mon Jun 17, 2013
Hi - you can apply for jumbo mortgages for over 1 million; however, 80/15/5 is not available at this time. In fact, this was a product that went away after the mortgage meltdown. Most mortgages start with 20% down.
I hope this helps and let me know if I can help you.
Regards
Luci Cali
0 votes Thank Flag Link Mon Jun 17, 2013
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Sure, and while we are in 2006, let's sell off all our real estate and stocks and put everything in a money market or CD!

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0 votes Thank Flag Link Sun Jun 16, 2013
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