I am looking to buy a house with 10% down and need a loan/s for around $ 650,000 with no MI to cover the difference. Are they available?

Asked by telmore, Houston, TX Sat Feb 23, 2013

I have heard that the max 2nd lien for an 80-10-10 loan is $ 200,000 (plus $ 417,000 conventional) which leaves me below the $ 650,000 mark. Any help with this would be appreciated.

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Trevor Curran, Mortgage Broker Or Lender, Great Neck, NY
Thu Jul 25, 2013
Good afternoon telmore,

First steps:

Meet in person with a Local Mortgage Banker to get prequalified for mortgage financing. The Mortgage Banker will review all facets of your loan request to answer your questions with regards to the types of loans and maximum loan amounts you could qualify for. Your Mortgage Banker will discuss the various loan programs, closing costs, and most important of all, monthly payment.

Line up a Home Inspector. A good home inspector will scare the heck out of you: that's what you pay him for! But you'll concentrate on the fundamentals of the property: roof free of leaks, plumbing, heating and electrical up to code and in good working order. Again, when you make an offer and you have your Home Inspector ready to go, your offer will be considered with much more interest by a Seller because you truly have your "ducks in a row" and your preparation demonstrates your serious attitude about conducting the purchase transaction in a timely manner.

Find an experienced Local Realtor who works in your desired shopping area. A serious pro Realtor will refuse to show you homes until you are Prequalified for mortgage financing. Don't take offense! That Realtor doesn't want you to be disappointed and wants you to have a smooth experience as you shop for your new home.

Put together your Team of real estate professionals and shop 'til you drop!

Trevor Curran
NMLS #40140

*If you thought my answer was helpful, please give me a “Thumbs Up” or “Best Answer.” Thanks!
0 votes
Anna Maria D…, Mortgage Broker Or Lender, Houston, TX
Wed Jul 24, 2013
If you are shopping, you can check with us as well.

We have the 80/10/10 program you are looking for.

Anna Maria Durr, NMLS 266699
Codemark Financial
4500 Highway 6, Sugar Land, TX 77478
281-591-0667, anna@codemarkfinancial.com
Web Reference:  http://codemarkfinancial.com
0 votes
gtesfa, Home Buyer, Houston, TX
Wed Jul 24, 2013
Yes, I can help you with that.
George Tesfa
0 votes
Arnold Richie, Agent, Houston, TX
Sun Feb 24, 2013
Hello Telmore,

Yes, there are loan options out there which will get you 90% WITHOUT MI. Please feel free to contact me or Terry at:

0 votes
Dallas Texas, Agent, Dallas, TN
Sat Feb 23, 2013
So much more goes into qualify a family for a loan. Without any misleading statements recommend to contact a mortgage broker direc.

Lynn911 Dallas Realtor & Consultant
Multimillion Dollar Sales Producer

Follow me on Facebook
0 votes
Amanda Nicod…, Agent, Spring, TX
Sat Feb 23, 2013
It may be possible to qualify for a conventional mortgage loan by paying 10% down payment and obtain a second loan for the difference. However it would depend on your credit score and debt to income ratio.
My preferred lender is Amcap Mortgage, local mortgage banker that offers direct lending.
You may apply online at http://www.mrloanapproval.com. Their response time is very quick.
Web Reference:  http://www.amandahomes.com
0 votes
Anna Maria D…, Mortgage Broker Or Lender, Houston, TX
Sat Feb 23, 2013
We are local mortgage brokers. I have a 2nd lien lender who can go up to $250K so an 80/10/10 shouldn't be a problem. Please feel free to call me. Thank you!

Anna Maria Durr, NMLS 266699, TREC 596662
Codemark Financial, 2626 Richmond Ave., Houston, Texas 77098
281-592-0667, anna@codemarkfinancial.com
0 votes
Kevin Sechel…, Agent, Houston, TX
Sat Feb 23, 2013
Here is a lender contact that I send most of my business. Hope it works out for you... Addie.Sechelski@sentemortgage.com

If you have any Real Estate needs or questions feel free to contact me at anytime...


Kevin Sechelski
0 votes
Bobbie Wagner…, Agent, Conroe, TX
Sat Feb 23, 2013
I work with a couple of lenders who can help you. Please feel free to contact me for more information.
0 votes
Al Geffon, Agent, Houston, TX
Sat Feb 23, 2013
"Creative financing" isn't what it used to be. Your best bet is to speak directly with several lenders. I can refer you to some really good ones. Please get your contact information to me, and I'll forward it to them. Once you've determined that your situation is feasible, it will be my pleasure to work with you toward finding that home. I look forward to hearing from you.

Regards ...

Al Geffon
(713) 213-6350
Web Reference:  http://www.har.com/algeffon
0 votes
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