Your question should be addressed by the mortgage provider that is willing to do the 80/10/10 loan. A good faith estimate should be provided as well as the pros and cons. Surely your question was proposed to the lender. Is it that you don't believe their response or is it that they don't have one.
If you need more information you can always contact Ruth Falcone at Trident Mortgage.
An FHA loan is gong to allow you to purchase a home with as little as 3 % down. This loan is guaranteed by the gov't. so banks are not as reluctant to make this type of loan.
The catch is you will pay a higher interest rate.
There are other programs available to people that do not have the 20% down. Your best bet isto talk with a local realtor and he/she can help you find out what type of loan you can qualify for at this time.
A good loacl realtor in your area is a man by the name of Gary Mercer. If you would like me to arrange for him to contact you send me an email at "firstname.lastname@example.org"
Good luck you your house hunting
Mike Rayno, Realtor
Prudential Fox & Roach... more