Looking for 80/10/10, no MI-loan for San Francisco bay area home

Asked by yaz, 94107 Wed Jul 11, 2012

Please contact me or send contact info for lenders offering the 80/10/10, no MI option.

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Ivan Diaz, Mortgage Broker Or Lender, 79936
Wed Jul 11, 2012
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.

Contact me directly for options!


Ivan Diaz
Home Mortgage Consultant
(415) 271-7740 direct
1 vote
Thank you Ivan. I checked with US Bank and they do offer the second loan for their private banking customers (comes with a few strings attached). I'm interested in getting a second because I'm planning to pay it off within months. So variable rates are not too much of a concern. the 10% with single premium insurance is not too attractive for me given that I will be "stuck" with the higher rate for much longer than it takes me to pay off the 2nd loan.
Flag Fri Jul 13, 2012
Rebecca White, Agent, San Francisco, CA
Wed Jul 11, 2012
Hello Yaz,

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.

Good luck!
1 vote
Matthew Broz…, Mortgage Broker Or Lender, El Dorado Hills, CA
Wed Sep 17, 2014

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.

Matt Brozek
Mortgage Banking Officer
BBVA Compass
NMLS# 8985
0 votes
Josh Barnett, Agent, Chandler, OK
Tue Sep 16, 2014
Did a lender ever provide this product?
0 votes
Robert Spino…, Mortgage Broker Or Lender, Mill Valley, CA
Tue Sep 16, 2014
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.

Rob Spinosa
0 votes
Steve Mi, Agent, San Fransisco, CA
Sun Dec 23, 2012
Yaz, call Ryan Ogata of OPES Advisors. He has such a product and its been very popular...

Drop me an email if you need anything else.


Merry Christmas!
0 votes
Philip Caulf…, Mortgage Broker Or Lender, San Mateo, CA
Thu Sep 6, 2012
Hi Yaz,

We have a loan program that will go up to 95% with no PMI. I actually wrote a blog post about this - click in the link below.
Web Reference:  http://actvra.in/Hbj
0 votes
Gregorio Den…, , San Diego, CA
Wed Jul 11, 2012
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.

Have an experienced loan officer show you both.
Web Reference:  http://WeFixRates.Com
0 votes
Thanks Gregirio. I've done a side-by-side comparison and realized that the 80/10/10 makes more sense. One additional data point is that I'm planing to pay off the 2nd in matter of months. Even if I was to choose the MI option with low rates, I wasn't given any guarantees that the lender will drop the MI once the LTV reaches 80%. Let me know if you would like me to send you the analysis privately.
Flag Fri Jul 13, 2012
Marco Carvaj…, Agent, San Francisco, CA
Wed Jul 11, 2012
I'd also reach out to Dirk Kinley at OPES Advisors as well.

I know for a fact that OPES offers the 80/10/10 to qualifying properties.

Dirk Kinley
0 votes
I will reach out to Dirk. Thank you Marco!
Flag Fri Jul 13, 2012
Gabriel Rojas, Agent, San Francisco, CA
Wed Jul 11, 2012

Call Austin Andruss with Opes Advisors. He can be reached at 415-869-6135. He can most definitely help you.

Good luck!

0 votes
Michael Abram, , Los Angeles, CA
Wed Jul 11, 2012

I have a lender that will allow a 2nd up to 89.9% CLTV. Please let me know if I can be of assistance.

Michael Abram
First Capital Mortgage
NMLS #235060
Direct: (310) 434-1718
Fax: (310) 451-6407
0 votes
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