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Need 80-10-10 refinance. Credit 725, debt to income 40%, Loan balance 497K.

by scott192 from Jonesville, Vermont. Jul 8th 2016 Reply


William J Acres (William_Acres)
#2 ranked lender in Arizona - 7,795 contributions

More info needed.. Also, you might be confused.. 80/10/10 is a loan for "Purchase" transactions where you put 10% down, do a 10% 2nd and an 80% first.. if your refinancing, then you probably want to to a 2nd position lien for $80K, so your not borrowing more than $417K which puts you in conforming loan limits.. But you also might be able to do a jumbo loan.. the question is, what's your property worth? If it's worth $830K, then you can do a jumbo refi at 60% loan to value, and your good.. But if your property is only worth $500K, then it probably cant be done.. There are jumbo lenders who will go 90% Loan to Value up to $750K.. I'm having to guess here because you did not provide near enough info. For this reason, I suggest you 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

Jul 8th 2016
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Joe Metzler (JoeMetzler)
#1 ranked lender in Minnesota - 3,439 contributions

Contact a local mortgage broker in your area. They can run your qualifications to determine your loan options based on your personal situation. For loans in MN, Wi, and SD, visit me at www.Minneapolis-Mortgage.net

Jul 12th 2016
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