Does banks are giving mortgages which us to be known 80-15-5? My credit score is very high around 790. thx

Asked by Roti, 19010 Sun May 17, 2009

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Mike B, , Raritan, NJ
Sun May 17, 2009
Hi, currently the highest loan to value I have seen for this type of financing is 80-10-10 financing. We offer an 80-10-10 program but not an 80-15-5. The second mortgage portion of that loan type of no longer saleable in the secondary market.
1 vote
Marcello Fin…, Agent, Wayne, PA
Mon May 18, 2009
Hi Roti,
it all depends if you want to pay or not PMI,the mortgage insurance required from Lenders if you borrow more than 80% of the purchase price.
If you do,you can still put as little as 5% down for conventional loans,if you don't,you have to go up to 15% down or pay some points to the Lender.
Of course,if you don't have a lot of money for a down payment,the best way to go is a FHA insured loan.
I think the best thing to do for you is contact a local Realtor to guide you through the home buying process and to
get you pre-approved in details with a reputable Lender.
If you contact me I will be happy to help you with that.

0 votes
Nick & Trudy…, Agent, Devon, PA
Sun May 17, 2009

The answers already given are good, banks are no longer willing to make the 100% mortgage as they want to see some investment on the part of the borrower. However an FHA loan will allow you to put as little as 3.5% down and allow up to 5 or 6 % seller assist where the seller can afford to give it. Feel free to contact me and I can put you in contact with one of several brokers locally who can help you.
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Chris Mabry…, , Tucson, AZ
Sun May 17, 2009
Your question is pretty unclear, but I'll give it a shot anyway. Most banks are not using a 80-15-5, or an 80-20 anymore. With such a high credit score, you will have several options available to you. Limitations will be on how much money you have for a downpayment. Based on your question, it sounds like downpayment may be an issue. You can pursue an FHA loan for as little as 3% down. Contact a local mortage broker for the best and most accurate advice. Speak to them about your situation and goals and they will point you in the right direction. Good luck!
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