Looking for a 2nd Mortgage for 15% for the purchase price

Asked by Aravindan, 55435 Tue Aug 28, 2012

I am looking for a second mortgage to avoid MIP. I am planning to put 5% down and looking for the rest in a 2nd mortgage, essentially 80/15/5.

Anyone know banks/mortgage companies that will provide this loan. My credit is excellent (752).

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, ,
Tue Aug 28, 2012
With a credit score that high, you should consider doing a 1 time financed buyout of the mortgage insurance. You can do it with 5% down and finance the buyout on top of the loan up to 97%. See the web reference below for more information and let me know if you need any help. I'm just down in St. Paul.
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Scott Godzyk, Agent, Manchester, NH
Tue Aug 28, 2012
Those loans are a primary cause to alot of the foreclosures you see today and are not being done. Your best bet is to meet with a local and trusted loan officer who can prequailify you and let you know is available to you.
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