who deos 80/20 combo loans

Hello Jerry,

There are many lenders who will do a 80/20 combo loan. You may try it with the FHA insured lenders.

Jerry, you can have a talk with some of the lenders in this community too. They are quite co-operative as i often see them participating in the forums here.

Hi Jerry,

Welcome to our forums.

I'm not aware as to what your credit profile and financial situation are like but I hope you will be able to manage two loans at the same time. Now, if combo loans are the one you are looking for, you can just consult lenders in our community.

The community lenders offer a variety of loan programs to suit the needs of borrowers. So, you can just send in your request for mortgage quotes. As soon as we receive your request, we shall forward it to the community lenders and if their profiles match with your loan requirements, they shall contact you asap to provide you with the quotes.

Good luck :)

everybody pretty much the only problem its tougher to qualify for thouse and they are not as usefull nowdays.

I concur with evolovik. I would suggest you to get hold of a broker since they would be able to provide you with a few more options as they work with several companies simultaneously.

Hi Shayne,

Welcome to our forums.

It is true that one can consult a broker for combo loans. But more than that I feel, one can start shopping with lenders and brokers as well because he doesn't know where he'll get a better deal. There are a lot of things to be compared after all - the rates, charges, points and monthly payments. So, shopping for lenders as well as brokers would be good enough.

Good luck

Just dont go around having 20 ppl pull your credit. Have one pull your credit (preferebly one you trust and is a reputable lender) then he should tell you what are the pitfalls in your credit and what you can expect. Then along with your credit score and some expectations in mind you can make a scenario wich you can shop around with. Should look something like this.
You call a (lender/broker) and say, hello my name is John Doe, I got a house valued at (value based on home sales in your neighbourhood), I bought it in (year bought), I last refinanced (year/mon refinanced), I owe (ammounts owed on 1st and second), I pay (ammount per mon on first and second), My loan is (fixed/arm/interest only), my taxes are (taxes per year or mon) and my insurance is (ins per mon/year), and are (included / not included in my mortgage). I work as a (profession) and make ($/hr, $ mon/$year), I am (self employed/W2 employee), I also recieve income from (SSI, Retirement, Trust, Annuity, Child Support), I (can/cannot) document all this income. (if self employed tell what is your adjusted gross income). I have following assets (checking/savings, stocks , bonds, whole life, 401K, Helocs with open limit), so my total assets are (total assets). I owe ( ammont owed on credit cards, carloans, student loans other mortgages). My payments per mon ( itemised payments per nom on each category). My credit score is ( your credit score). I have had following credit issues in the past.( lates within 12 mon, 24 mon, collections, judgements, bankruptsies, foreclosures) I am looking for (consolidating my debt/reducing my payments/specific loan programs). What do you think you can do for me.
If you have all this information you will get honest and realistic qute from any loan officer and they will be very impressed with your knowlege.

try lookin at MyCommunity or HomePossible Mortgage programs. it's at 100% financing...you need a 620 middle score (to avoid high pmi).

the PMI is at a discounted price. You can also do a rate/term refinance at 100%.

FHA is 2.25% as a down payment for purchases.
97.75% for rate/term refinances and up to 95% cash out.

Also look into Lender Paid PMI.....remember that you can get any kind of program....but you need to look at the monthly payment.

A lender can offer 5.875% but you have to pay a hefty PMI payment.
MyCommunity maybe around 6.5% but discounted PMI.

I agree that 80/20 are not very effective right now. I priced one not too long ago because the girl had an 80/20 for her first house she bought. Since she was told it was the best way to go she assumed it would always be the best way to go. As the pro's here know very well, this business changes, rapidly. One program may be best today but next week it might be something completely different. This is why it is so important to not only find someone to deal with that has been in the business for a long time, but more important is to find one that is willing to educate himself on new and different financing option.

I agree that 80/20 are not very effective right now. I priced one not too long ago because the girl had an 80/20 for her first house she bought. Since she was told it was the best way to go she assumed it would always be the best way to go. As the pro's here know very well, this business changes, rapidly. One program may be best today but next week it might be something completely different. This is why it is so important to not only find someone to deal with that has been in the business for a long time, but more important is to find one that is willing to educate himself on new and different financing options.

Sorry for the 2 posts. I want to add that the 80/20 I priced came with a 15% rate for the 2nd mortgage. The first was good but the 15% rate made pmi seem like a blessing.

Hope this helps you.