The hardest will be finding the second mortgage lender....maybe US Bank. If you can't find, you can do a 10% down with lender/borrower paid MI? Virtually the same option but instead with a single premium insurance eliminating the monthly mortgage insurance. Additionally, you won't have to worry about the variable payment on the second.
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Home Mortgage Consultant
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As a Realtor, I have seen this twice recently but it was specific to a property. There are two new condo projects, one in Mission Bay (two bedrooms $800,000+) and one in Millbrae (two bedrooms $650,000-750,000) that offer these loans.
I know as I have clients who bought at one of these locations specifically for that reason.
There are a number of Lenders that offer 80-10-10 options. BBVA Compass has a Portfolio Program that offers 80-10-10 or 75-15-10 Combos to $1M. Hope that helps. Please feel free to contact me at my profile with questions or for more information.
Mortgage Banking Officer
Here in 2014, we now have several, entirely viable, options for making a 10% down payment on a jumbo scenario. These include piggyback loans, the REX Homebuyer program and pledged assets. If I can be of service in any way, don't hesitate to get in touch. I'm just north of the Golden Gate.
Why are you opposed to looking at an MI option? Have you looked at this option compared side by side with what you are seeking? I believe you would be surprised by what you find for MI rates at 90% LTV. With rate as low as they are it may even make more sense to do a one time buyout of the MI instead of being saddled with a high rate second.