Are 80/10/10 and/or 90/10 mortgage loans still available?

Asked by Melanie, Saint Charles County, MO Tue Feb 23, 2010

We are wanting to relocate to the DFW area in Texas. We are expecting a loss on the sale of our current home, so we are taking the next year to accumulate savings for a down payment on the new home. We currently have an 80/10/10 mortgage loan, but the second loan has a fairly high interest rate. I am interested in a 90/10 loan, but I'm not sure if these are still available. Any insight is appreciated! Thank you!!

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T.E. & Naima…, Agent, Dallas, TX
Sat Mar 6, 2010
Yes, they never went away, really.
The first lien is usually at the rate everybody quotes if not lower. Right now they're running about 4-3/4.
The second lien is higher (since it bears the burden of equivalently being the mortgage insurance) and runs about 7.

Both of these obviously depend on your qualifications. If your scores are below 680, start thinking about FHA instead. The reason is that the premiums for a conventional 80/10/10 would make the FHA look far more attractive to you.

A 90/10 makes less sense than any of the choices because not only does it have private mortgage insurance required (PMI) but the rate will not be that good. 80/10/10 is usually wiser.
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Jerry Holcomb, , Dallas County, TX
Tue Feb 23, 2010
Hi Melanie:
80/10/10 & 90/10 loans are alive and well!
The qualifaction to obtain the second loan is a bit more but I just quoted 6.75% on a 2nd this week.
90/10 loans are available with Mortgage Insurance and again everything is based on qualifaction.
send me an e-mail and we can see what is available for you.
1 vote
Bruce Lynn, Agent, Coppell, TX
Wed Feb 24, 2010

Yes....there are several different loans that might interest you as many have mentioned below.
Typically seconds now have a somewhat lower interest rate than in the past when it was common to see 9-10%. Now however with 90/10 you will be required to purchase mortgage insurance in most cases until you hit the 20% equity mark.

Welcome to Texas

We can help you with rentals and purchases if you prefer to rent before you purchase.

Bruce Lynn
Keller Williams Realty
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Ronda Allen, Agent, Plano, TX
Tue Feb 23, 2010
Do you know approximately where in the DFW area you'd like to relocate? A USDA guaranteed loan may be the way you want to go. It's still a 100% loan, you can do zero down-payment, but there are income caps and geographic boundaries that apply. I put a website below to help you. If either of you are veterans, you may qualify for a VA loan or a Texas Vet Land Board Loan. I can suggest lenders to you if you don't already have one with whom you are working.
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Mary Beth Ha…, Agent, Dallas, TX
Tue Feb 23, 2010
It is all about your credit score, the higher your score the more loan options available. The 80/10/10 and the 90/10 are definitly available. Several of my buyers, closing in the next month, have secured that loan. A good loan officer can get you the best loan for your circumstances and explain your options and why.

Do you need a house in Dallas to go with your loan? If you need a referral for a good loan person let me know or if I can provide any other real estate services.

Mary Beth Harrison
The Harrison Group
Keller Williams Realty
1-866-433-5678 toll free
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0 votes
Andrea Brooks, Agent, Plano, TX
Tue Feb 23, 2010

those loans are a thing of the past. As the other agents have advised, you can get an FHA loan with 3.5% down. The Fed recently tried to push through a 5% down requirement, but that failed. Lending rules change all the time it seems these days so keep checking as you wait things out. You might want to go ahead and located a good lender contact here in the metroplex to help keep you abreast of changes. I have one of the best that I recommend on my website - You can also search our MLS system directly to get an idea about how far your dollars wil go here. Good luck with your home sale and please let me know if I can help any way on this end.

Best regards,

Andrea Brooks
Keller Williams Plano
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Gerard Dunn, Agent, Chevy Chase, MD
Tue Feb 23, 2010
Most of these loans are long gone.

I suspect as the market improves - we may see the 80-10-10 come back into the market. It will take time and patience before they resurface.

FHA is an option with a low down payment.

Owner financing is also an option.

Good Luck!

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Dani Hanna, Agent, Wichita, KS
Tue Feb 23, 2010

Yes there are some loans available and I am happy to put you in touch with the local lender who can help.

You may also qualify for an FHA loan which would allow you to finance 96.5% of the home you purchase.
Feel free to call me for details.
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Dallas Texas, Agent, Dallas, TN
Tue Feb 23, 2010
They are thing of the past. most loans require approx. 3.5% or more down payment

If you relocating to Dallas are you then searching for a rental? If yes then we could work with either buy, lease or lease purchase, or apartment locator service Unconfirmed for your arrival date.

If you are completing a short sale or foreclosure IT WILL BE 2 to 2 1/2 years prior you would be able to purchase depends on when it was reported to bureaus.

If you are lease recommend have lease confirmed prior to your move in date, once it is reported will tank your scores you may have to pay double, triple deposits.

The Michael Group - - "Dallas Business Journal 07, 08', 09’ list top Realtors"
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