80/10/10 Loans

Asked by KP, 01970 Thu Aug 26, 2010

Are these types of Mortgage Programs still available? For example on a $500,000 purchase - $50,000 Down (Cash) / $400,000 Mortgage 1 / $50,000 Mortgage 2

Also - if available are there still "flexible" packages available - i.e. Mortgage 1 can be fixed rate or ARM and Mortgage 2 could be Interest Only.

This would be ideal in my scenario as I would be able to pay off Mortgage 2 in short order, but can not currently put down a full 20%.

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Julie’s answer
Julie, , Charlton, MA
Tue Aug 31, 2010
Yes this is still available!
I have lenders that will offer 40 year term, interest only, fixed or adjustable! Before you decide to take out two loans I would weigh out the options for 1 loan first, even though you could pay off the second quicker you may be able to make the money work more effective.
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Andrew Adams, , 01915
Thu Aug 26, 2010
I do offer an 80-10-10 loan with the first mortgage can be fixed or adjustable and the 2nd can be either a 30 year fixed or 1 year ARM both are amortized over 30 years.
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