Remember the days when FHA was just a three letter word that most people didn’t know about? Remember when you could get away with a 10% down payment and take out two loans totalling 90% to avoid mortgage insurance? Those days have come and gone…until now.

The good ‘ol 80/10/10 mortgage is back. What this mortgage allows you to do is take out a first mortgage of 80% of the homes purchase price. You will then have a piggyback Home Equity Line of Credit, also known as a HELOC, for 9.99% and you will put your 10% down payment. Okay, so it may not be exactly 80/10/10 but close enough.

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This program is offered for purchase or rate and term refinance transaction of Single Family Homes (SFR). This loan is available for condos and townhomes on purchases only to 89.99% and 84.99% on refinances. There is a minimum credit score of 700 and other restrictions apply.

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For more information, please give me a call.