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Loan options for a $600k loan

We need loan option on a $750k purchase price with 20% down. Our credit score is over 750. We would rather not pay PMI and wanted to know what options we had. What are the 80/10/10 or 80/15 loans about? by mavimoore866 from Dallas, Texas. May 5th 2017 Reply

John Burke (jburke)
#29 ranked lender in Texas - 227 contributions

Hi Mavimoore866,With 20% down you will not have to pay PMI so you're off to a good start. 80/10/10 & 80/15/5 loans are just a first & 2nd mortgage combo. So the 80/10/10 option breaks down like this. 80% of the purchase price will be your 1st mortgage, 10% will be for the 2nd & 10% for your down payment. The 80/15/5 just means you put less down & finance more on the 2nd mortgage. | Please feel free to contact me for more information or help. | John Burke | Senior Mortgage Banker | Great Plains National Bank | (877)228-9069 | Lending in ALL 50 states

May 6th 2017
William J Acres (William_Acres)
#73 ranked lender in Arizona - 8,727 contributions

Your question is confusing.. if you put 20% or more down, there is no MI required.. if you put less than 20% down, then you will pay MI.. if you do a first & 2nd to avoid paying MI, it's quite possible you could have a higher payment then if you just paid MI to begin with.. the MI policy gets lower the more you put down, and once you hit 20% equity, you can always refinance to have it removed.. I'm a preferred Lender with Arizona and California being my primary markets. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 NMLS# 226347 / RPM Mortgage NMLS 1541014 / AZMB0121893

May 7th 2017
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