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Looking for a lender that will do a 80/10/10 loan in Delaware

Looking to purchase a home for 730k in DE. I have excellent credit, and have 10% available for a down payment. I am trying to avoid paying mortgage insurance. by andrew65752 from Dover, Delaware. Aug 19th 2015 Reply


Peter Green (pete@trustdynamic.com)
#21 ranked lender in Delaware - 2 contributions

Hello Andrew. A home purchase in that range requires a 20% down payment because it is in a loan amount category known as Jumbo loan. PMI companies will not lend on jumbos so the minimum down payment is 20% so that there is no PMI. I will research some alternative options for you. Feel free to call me with any other questions. - Pete Green 302-227-5522

Aug 19th 2015
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William J Acres (William_Acres)
#2 ranked lender in Arizona - 7,927 contributions

The Ideal scenario is to do a $417K first, a $240K 2nd and put $73K down.. Your interest rate on the 2nd might be as high as 5%, but you will get a much lower interest rate on the first since you would be using conventional financing rather than jumbo, and your loan to value would be below 60%. Your "Blended Rate" would be below what most lenders are offering for jumbo financing, so you win in every category... The best advice I can give you is to contact a LOCAL mortgage broker and apply with them. Once they see your complete loan profile, they will be better equipped to advise you properly. Also, by applying with your LOCAL Broker, you have an advantage because he's familiar with local customs and works with many lenders with each one offering a different type of lending program. This is unlike the local bank which typically only has a few lending programs. The more lenders, the more lending options, and the more likely your scenario will be accepted.. Plus, the broker is experienced in seeking out the best loan terms for your particular scenario, and he has lower overhead which typically results in lower rates and fees than most of the larger lenders.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com NMLS# 226347

Aug 19th 2015
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Timothy B Miller (tmillerhomeloans)
#131 ranked lender in New Jersey - 3 contributions

Hi Andrew,I have an 80/10/10 you can reach me at 856-974-5357 x 1002 to discuss.

Aug 19th 2015
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John Thomas (delawaremortgages)
#7 ranked lender in Delaware - 15 contributions

Hello Andrew,You can get a jumbo loan for 90% of the value of a home with no mortgage insurance as long as you meet the credit and debt to income requirements. Please give me a call at 302-703-0727 or visit my website at http://www.DelawareMortgageLoans.netJohn ThomasNMLS 38783248 E Chestnut Hill RdNewark, DE 19713302-703-0727 Office

Aug 19th 2015
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Jamie Lynne (nationwidelenderforyou)
#142 ranked lender in Texas - 575 contributions

I have a 90% and 80/10 option on JUMBOS nationwide. Let's discuss your loan scenario further. My name is Jamie and I am a proud VET that has been lending since 1989. Please feel free to contact me at 800 315 8803, 7 days a week or visit us at www.bartprequalifies.com

Aug 20th 2015
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