Financing in 19382>Question Details

Ragh, Home Buyer in Pennsylvania

I'm looking to buy a home in PA. Sale price ~ $585K. Are 80-10-10 loans still available?

Asked by Ragh, Pennsylvania Sat Apr 11, 2009

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Well Ragh,
you might have bought already.This is a tough loan to find. The seller assist would work for some of the costs. If you have a 720 score and good income there are lenders out there still doing these loans.
0 votes Thank Flag Link Fri Jun 26, 2009
Hi Ragh. While the mortgage industry has tightened significantly in recent months, various loan programs exist. As is noted by my colleagues, programs vary with each lender and typically depend on your income, credit score, etc.

I work with three phenomenal mortgage people.....one with Wells Fargo, one with First American Mortgage and another with Mortgage Mobility. Please email me (Judy.May@Century21.com) or call me direct (610) 324-5240 and I would be happy to give you their contact information. If an 80-10-10 is possible, I'm certain one of these three could help you!

Good luck with your home search. You've chosen a GREAT time to buy. (If you haven't yet hired a Realtor, please take the time to do so....start by interviewing 2-3 Realtors and see who you "click "with.....and who you trust. You need someone who is a skilled negotiator and someone experienced who can guide you through the homebuying process. I'd appreciate the opportunity to EARN your business, if you are still looking to hire a buyer's agent for yourself. You can learn more about me at http://www.JudysFineHomes.com.).

Don't hesitate to call me at (610) 324-5240 with any additional questions you may have.

Warmly,
Judy

Judy May, Esquire, REALTOR
"A Refreshingly Different Real Estate Experience"
http://www.JudysFineHomes.com
http://www.CollegevilleAreaHomes.com
Judy.May@CENTURY21.com
C: 610.324.5240

CENTURY 21 Alliance
2828 Audubon Village Drive
Audubon PA 19403
O: 610.666.0202 . x. 226

Search THOUSANDS of homes!
http://www.CollegevilleAreaHomes.com
0 votes Thank Flag Link Mon Apr 13, 2009
Depends on the lender you are soliciting for the second. Most national lenders are not willing to subordinate themselves on a second if the CLTV (combined loan-to-value) is higher than 80%. However, depending on the relationship that you may want to create with a local lender, they may be willing to entertain a CLTV of 90%. Good Hunting!
0 votes Thank Flag Link Mon Apr 13, 2009
If you have a credit score over 720, most lenders want to do business with you in the current market environment, and if you have income to support the loan, lenders have various options.
Work with an experienced professional to explore the possibilities that interest you would be my best advice.
A great mortgage person I have worked with for years is Kevin Sutera 610 212 7461 or if you prefer an equally competent woman mortgage person, Tina Butler 484 354 1526.

Good Luck and Happy House Hunting.
0 votes Thank Flag Link Sun Apr 12, 2009
Ragh, currently these types of loans are not available. However a good alternative is an FHA loan which requires only 3.5% down and you can ask for a seller assist towards the closing costs up to 6%. Whilst the rates are a little higher many buyers are currently using these loans to purchase homes. But the price you mention is above the conforming limit for Chester County so you will require a jumbo loan and I suggest you contact me off line and I will put you in contact with one of my mortgage brokers who can assist you.
Web Reference: http://www.VandekarTeam.com
0 votes Thank Flag Link Sun Apr 12, 2009
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