The 80/10/10 loan strategy is a way to avoid paying private mortgage insurance when buying a home in Washington State. Here's how it works.
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· More than 60% of home buyers use a conventional loan; it’s not hard to see why. Low rates and three-percent-down options are fueling the loan’s popularity.
For example, borrowers generally need to have a credit score above 700 to qualify. Most common is the 80-10-10: A first loan covering 80 percent of the home’s purchase price, a second for 10 percent.
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80 10 10 Loans for Today’s Home Buyer. An 80 10 10 loan is a mortgage option in which a home buyer receives a first and second mortgage simultaneously, covering 90% of the home’s purchase price. The buyer puts just 10% down. This loan type is also known as a piggyback mortgage.
A final option is lender-paid mortgage insurance (LMPI) where the cost of the PMI is included in the mortgage interest rate for the life of the loan. Therefore, you may end up paying more in interest.
· Conventional Loan Requirements for 2019 Conventional mortgage down payment. Conventional loans require as little as 3% down (this is even lower than FHA loans).
· Fixed-rate mortgages are the simplest type of loan. You’ll make the exact same payment for the entire term of the loan (unless you pay more than is required, which helps you get rid of debt faster). Fixed rate mortgages typically last for 30 or 15 years, although other terms are not unheard of.
Mortgage professional Rob Spinosa explains the home loan structure known as an 80-10-10 mortgage in this short video. If you are asking about whether a piggyback mortgage is the right way for you.
· The 80/10/10 mortgage is widely-available and buyers are using it to avoid PMI; and, to buy homes more cheaply. More on the program plus today’s live rates.
Non Qualified Mortgage Lender Expansion of the Qualified Mortgage Safe Harbor under the. – A home mortgage loan made by a lender meeting the required criteria will be deemed a qualified mortgage even if the debt-to-income ratio of.