If you reach the end of this rope and find no options, we have a single loan solution that will go to $875K at 90% LTV. Yes, there will be PMI. No, it's not perfect.
If you can take it out of the realm of the emotional ("all PMI is BAD"), then the real numbers will tell if this solution makes sense or not. If you need help in that regard, I am available any time.
80/10/10: Available up to a purchase price of almost $1.7MM. First mortgage can be fixed rate or ARM (7/1 or 10/1, most commonly) and the second mortgage is usually a home equity line of credit (HELOC).
Single loan, no PMI: We have a 30-year fixed rate loan that will go to a purchase price of just over $2.2MM with a 10% down payment. The loan has no PMI.
REX Homebuyer: REX works a bit differently and is not a loan. Instead, the REX Homebuyer funds will match your 10% down payment. When you end the agreement by way of refinance or sale you pay REX back with a percentage of the value change of the home. REX has the greatest reach with just 10% down, allowing a buyer to get to a purchase price of $3.125MM.
Income, asset and credit requirements vary for all of the options above, so it's important to weigh each to determine the best fit for your scenario. If I can answer any questions I am happy to help.
Using the REX Homebuyer program, that purchase price limit goes to nearly $1.6MM. Still with 10% down.
With a slightly larger down payment (12.5%), the buyer can get to a purchase price of $2MM and with 15% down, the purchase price can exceed $2MM.
Call with any questions or if any details are necessary. Like all things mortgage lending, there are pros and cons to every approach and I'm happy to outline these as necessary.
No Title Insurance required for Simultaneous HELOCs with line of $250,000 or less.
Primary Borrower (most income) must have a Mid Score of at least 700.
If combined liens > $750K mid score must be 720.
Max Ratios of 38.00/45.00 Absolutely firm on BOTH RATIOS
Max 89.99% CLTV -Max combined liens of $750,000
For combined liens>$750K - 85.00% CLTV to $1 Mil combined liens.
Same pricing for Purchase, R/T Refi or Cash Out. Condo refi max 85%
80.00%CLTV or below Prime + 1.49 (Prime @3.25%) = 4.74%
80.01% CLTV to 89.99% Prime + 1.99 (Prime@3.25%) = 5.24%
OWNER OCCUPIED ONLYâ€“ no second homes; non owner or blended ratio
Single family homes/condos and O/O duplexes OK. No triplexes or fourplexes.
First cannot be an Interest-Only loan -10% HELOCs will only stands behind fixed rate programs and full amortized 5/1, 7/1 and 10/1 ARM programs
HELOC Terms-10 year I/O draw period; 20 year repay period;
$50 annual maintenance fee deducted from HELOC with first statement.
No min credit advance or min balance required. Early Term. Fee of $475.00 if line is cancelled < 3 years.
Those seconds are very skiddish. I do expect that they will ease up, but at the moment. Not available past $750k max combo.
Ratios do need to be 38/45 for that program, as well.