Jrensen, Home Owner in 20016

Are 80-10-10 loans available in DC? My wife and I have excellent credit, and bought our home FHA at 4.75% < 1 yr ago

Asked by Jrensen, 20016 Sun Nov 27, 2011

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11
Shane Milne, Mortgage Broker Or Lender, South Jordan, UT
Sun Nov 27, 2011
Yes there are 80/10/10 combo loans available in DC & VA, I don't do them but a cohort of mine does.
1 vote
brent mendel…, Mortgage Broker Or Lender, Bethesda, MD
Wed Feb 29, 2012
I don't have 80 /10/10 programs but as you can see they are available from other loan officers. You should look at those programs and also as Nick suggested conventional programs under one loan at 90% might be the way to go. It's worth a look. Hope this helps and please let us know if you have any questions.

Thanks,

Brent Mendelson
Senior Loan Officer
Monarch Mortgage
600 Jefferson Plaza, Suite 400
Rockville, MD 20852
240-403-1970 Direct
301-412-0259 Cell
http://www.monarchmtg.com/bmendelson
nmlsr#111407
0 votes
Noel A Sheph…, , District of Columbia
Wed Feb 29, 2012
I can offer you an 80/10/10 transaction with great rates.

Noel Shepherd
PNC Mortgage
NMLS # 313280
Direct : 202-642-4305
Web Reference:  http://www.noelshepherd.com
0 votes
Nick Pakulla, Mortgage Broker Or Lender, Rockville, MD
Mon Nov 28, 2011
You should also look at private (non-FHA) mortgage insurance options. Often mortgage insurance is the best route depending on loan amount and the terms of the second mortgage - you can also get a loan where there is no-monthly mortgage insurance (tax deductible). I would be happy to go over the options with you over the phone. Feel free to contact me 301-585-7283
Web Reference:  http://www.nickhomeloan.com
0 votes
Graham Pruitt, , Capitol Hill, Washington, DC
Sun Nov 27, 2011
George Ross makes a good point. You should run the numbers to see if it's advantageous to refinance or not. I can run a total cost analysis for you to help determine that. If you want to see an example please check out my facebook page.

http://www.facebook.com/pages/Graham-Pruitt-Real-Estate-Busi…

Go to the mortgage coach analysis post. This lady was very happy with her analysis and just recently completed her refi.

Thanks
0 votes
Annette Levi…, , New York, NY
Sun Nov 27, 2011
Have you thought about a FHA streamline refi? This would get your interest rate lowered without all the costs of a regular refi. I would suggest you go over all of your options with a mortgage officer to see what is best for you.
0 votes
Graham Pruitt, , Capitol Hill, Washington, DC
Sun Nov 27, 2011
We are small bank in DC. We have 2nd trusts if you need to refi out of the FHA loan.


Give us a call. You can talk to Chris Cox or myself Graham Pruitt.

Graham C. Pruitt | Loan Officer Extraordinaire | NMLS # 521186 | Acacia Federal Savings Bank
Capitol Hill Residential Mortgage Office: 659 C Street, SE, Washington, DC 20003 | p: 202.543.6830 | c: 703.501.1777 | f: 202.543.6833 | graham.pruitt@afsb.com
0 votes
George Ross, Agent, Baltimore, MD
Sun Nov 27, 2011
JRensen,

I am just curious as to why you are looking for a new loan to begin with? Why the answers you have received provide great information, often times refinancing is not really worthwhile. You will loose a lot of things during the process, like purchase money protection, etc...

I am assuming you want out of your FHA loan type, which has it's advantages and disadvantages. You really need to speak with someone about how this decision with impact you long term.
0 votes
Hillary Nash, Agent, Washington, DC
Sun Nov 27, 2011
The type of loan that will be available to you and your wife will be determined by a few things:

1. Will this new purchase be owner occupied? If this is an investment property you will most likely only be offered products that start at 5% down (minimum)

2. What is your combined salary? If you plan on living in the home, there are a few programs available for DC only that will provide up to 98% financing.

3. Moving close by: If you just purchased a year ago, and your current intended purchase are in te same area, most banks will question why you are purchasing (if this is going to he owner occupied). Many times you will have to show that you have other circumstances, ie growing family, closer to work, etc. in order to get owner occupant financing, which usually is a higher percentage (more than 95%).

Your answers should determine what lender to go with because they all have different products these days. Your Realtor should be able to pair you with one, if not feel free to give me a shout.

Hope this is helpful!!

Hillary Nash McAuley
Nash Holdings Co.
Exit Elite Realty
202.907.7301
hillarynash@mris.com
0 votes
Aaron Smith, Agent, Washington, DC
Sun Nov 27, 2011
Yes, there are.
(In fact, in some categories, and for some buyers, there are 100% loans.)

My recommendation is to talk to AT LEAST three lenders, from the following categories: a 'Big Box' bank (like BofA, Suntrust, etc.) , a smaller local bank (Acacia, BB&T, Farmers), YOUR bank or Credit Union (PenFed, NCFU, etc.), and a Mortgage Broker. (Lots of these.)

See what 'products' they have (how the profession often calls different types of loans.)
See what THEIR FEES ARE. (on an estimate they give you, they often lump together all of the closing costs. BUT, they do not control the costs for lots of it, Taxes, Transfer Tax, Title Insurance, Title company fees, Insurance, and often escrows for those items.

So, do not count those, they will probably be the same, REGARDLESS of your loan. You just want to know how much money is going to get the loan. When you go to compare the loan terms, this and your monthly payment (and what it covers) are the two things to consider. Common Sense or Rule of Thumb, the more you pay out upftont, the less your monthly payments should be.

Good Luck! DC homes are the best investment in the Country!

Cheerios!
0 votes
brent mendel…, Mortgage Broker Or Lender, Bethesda, MD
Sun Nov 27, 2011
Yes it might be possible. If you have 10% equity it is possible to refinance from FHA to a conventional loan and rid yourself of the two types of FHA mortgage insurance and obtain a lower rate. Please contact me for more information directly. Thanks
Brent
0 votes
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