80 10 10 loan in san jose / fremont area ? Home price is around 630k and willing to put 10% downpayment and want to get rid of PMI.

Asked by shahmanish2003, Norristown, PA Mon May 20, 2013

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Jasbir Gujral, Mortgage Broker Or Lender, Pleasanton, CA
Mon May 20, 2013
Yes this loan is possible if you have fico of 700 or more. Property must be owner occupied. 10% second will have $50 fee every year and must keep loan for three years otherwise pay $495 pre payment penalty. You can go with any lender for first mortgage. Current interest rate on second is 5.25% and can pay as little as interest only.
1 vote
Thierry Abel, Mortgage Broker Or Lender, Corte Madera, CA
Mon May 20, 2013
You also need middle credit score of 700 or better. for that 80/10/10

The 10% Home equity Line of Credit has a 30 yr Term
First 10 years with min I/O payments; 20 year repay period;
$50 annual maintenance

OWNER OCCUPIED ONLY– no second homes; non owner or non-owner occupants
Single family homes/condos and O/O duplexes OK. No triplexes or fourplexes.
The HELOC will subordinate behind an "amortized" ARM 1st loan, not an "Interest Only".

Let me know if we can assit
1 vote
Brian LeBars, Mortgage Broker Or Lender, Pleasanton, CA
Mon May 20, 2013
Hi. That is a program that is available and very popular. Call anytime if you have questions on it and feel free to check out my success on Yelp with it.

Have a great day.
Web Reference:  http://Www.loansquawk.com
1 vote
Claudia Mull…, Mortgage Broker Or Lender, Fremont, CA
Mon May 20, 2013
We have that available. You need to have a minimum credit score of 700.

Your ratios can not exceed 38/45 (no exceptions)

The second rate will be based upon the Prime Rate. Prime + 1.99% = 5.24% (start rate based on Prime@3.25%). 1.99% is the margin added to Prime Rate for a 80/10/10.

There is no prepayment penalty on the second mortgage, so you will be able to pay this off rapidly.

If you would like more info you may email me at cgravelle@diversifiedmg.com.

I am located in Fremont, CA so very close to SJ. cg
1 vote
Ali Qureshi, Agent, Pleasanton, CA
Tue Apr 8, 2014
This is a great loan option and becoming very popular these days.
0 votes
Demi Fox, Agent, westlake village, CA
Wed May 29, 2013
yes, that would be the way to go! check with your lender
0 votes
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