Any lenders doing 80-10-10 or 80-15-5 loans for tampa area. We are just using as a bridge til we sell our current house

Asked by traski, Tampa, FL Mon Jan 7, 2013

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Annette Levi…, , New York, NY
Sat Jan 12, 2013
If you qualify for a VA mortgage you do not have to put anything down. When you sell your current house then you can prepay the mortgage for a lower amount. A FHA mortgage will allow you just to put down 3.5% but you would have to refi to get rid of the mortgage insurance when you sell your current house.
0 votes
Alma Kee, Agent, Tampa, FL
Sat Jan 12, 2013
You may have to pay "loan shark" rates and fees to get a 100% mortgage.

Try a credit union, they do not have to fit you into the "exact" criteria that would allow a lender to immediately sell off your mortgage. You see, most banks and lenders do not keep your mortgage longer than a day after you close.

If your current house is worth less than $150k it should pretty much fly out the door in our current market. Properties under $100k are getting 10-20 ALL CASH offers within 48 hours if they make sense as a rental.

If you want to verify what the actual sales are for similar homes to yours, your Realtor can give you a listingbook account. If you're not already working with a Realtor, you can sign up for a free Listingbook account on my website:

http://www.SoldOnTampa.com

All the best,
Alma
Alma Rose Kee, PA
Future Home Realty
813.244.9898
0 votes
Lynn Brock, Agent, Sarasota, FL
Tue Jan 8, 2013
Traski, given the market conditions, and your desire to sell your home, it is strongly suggested that you secure a contract on your present home first before purchasing another one.

Going through the pre approval mortgage process can occur at any time. This process will allow you to see your credit, income and assets through the eyes of a lender. Sometimes this view will quickly provide you with areas that need improving to secure a mortgage loan.

Yes the home inventory is low, however, before you are responsible for two mortgages, best to seriously consider working on selling your property first.

Best regards,

Lynn Brock
Brock Realty Inc.
941.313.1234
http://www.brockrealty-inc.com

If you would like to search the MLS like an agent, visit our website and sign up for your free Listing Book account. This powerful search program allows you to set up your personal homefinder criteria and save your favorite homes, follow recent solds all in real time! Find the home you’re searching for quickly.
0 votes
Stephen McRo…, Mortgage Broker Or Lender, Tampa, FL
Mon Jan 7, 2013
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Yes, actually there is a lender that will do a 90-10 (100% loan)

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0 votes
The purpose is to avoid PMI so this wouldn't work. We would pay the second mortgage off when our current house is sold.
Flag Mon Jan 7, 2013
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