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lakrav
LIF Infant
Member since 8/07 89 total posts
Name:
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80/15/5
Does anyone know if any banks are still doing 80/15/5 mortgages. I spoke to a number of friends in the industry and so far no luck.
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Posted 2/17/09 8:46 PM  |
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Prudential Douglas Elliman Real Estate
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Elbee
Zanzibar
Member since 5/05 10767 total posts
Name:
Me
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Re: 80/15/5
none that I know of. I think this ended a long time ago.
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| Posted 2/17/09 9:05 PM |
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lakrav
LIF Infant
Member since 8/07 89 total posts
Name:
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Re: 80/15/5
So I found out I could do an FHA for 95/5 but that would cause PMI...anyone know the ways around this?
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| Posted 2/19/09 7:46 AM |
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MsMBV
:P
Member since 5/05 28602 total posts
Name:
Me
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Re: 80/15/5
Posted by lakrav
So I found out I could do an FHA for 95/5 but that would cause PMI...anyone know the ways around this?
I am pretty sure that most lenders are shying away from these types of mortgages due to the high rate of upside-down mortgages that have become a result of them. When we were selling our house this past summer, many of the interested parties were FTBs, and *thought* they had 100% financing, but even with pre-approval letters, when push came to shove and contracts were being signed, the banks would request larger down payments to execute the mortgage contract. This was before the banks really fell out, so I cannot imagine that it is any easier now.
Even for our re-fi on the house, which we have 300% equity in, we were not offered anything more that 85% financing for the re-build. Hope this helps.
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| Posted 2/22/09 1:27 PM |
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Erica
LIF Adult
Member since 5/05 11767 total posts
Name:
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Re: 80/15/5
teachers federal credit union says up to 95% on their mortgage rate page. We do not need it, so I don't know the conditions, but worth checking out. try bethpage CU too.
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| Posted 2/22/09 3:25 PM |
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cindy104
This is my "Baby"
Member since 6/08 1522 total posts
Name:
Cindy
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Re: 80/15/5
Posted by MsMBV
Posted by lakrav
So I found out I could do an FHA for 95/5 but that would cause PMI...anyone know the ways around this?
I am pretty sure that most lenders are shying away from these types of mortgages due to the high rate of upside-down mortgages that have become a result of them. When we were selling our house this past summer, many of the interested parties were FTBs, and *thought* they had 100% financing, but even with pre-approval letters, when push came to shove and contracts were being signed, the banks would request larger down payments to execute the mortgage contract. This was before the banks really fell out, so I cannot imagine that it is any easier now.
Even for our re-fi on the house, which we have 300% equity in, we were not offered anything more that 85% financing for the re-build. Hope this helps.
FHA you can do as low as 3% down....but yes...PMI
There are still lenders out there that will do 5% down on a conventional mtg as well!
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| Posted 2/22/09 10:29 PM |
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MsMBV
:P
Member since 5/05 28602 total posts
Name:
Me
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Re: 80/15/5
Posted by cindy104
FHA you can do as low as 3% down....but yes...PMI
There are still lenders out there that will do 5% down on a conventional mtg as well!
Sorry I should have been more clear. Anything over 85% for us would have warranted a significantly higher %, or PMI.
Message edited 2/23/2009 8:31:12 AM.
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| Posted 2/23/09 8:31 AM |
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