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80-10-10 Mortgage

The 80/10/10 mortgage loan is available on purchase transactions of owner-occupied, primary residence, single family homes, condominiums, PUDs, and townhomes only. 10% down payment must be from borrower’s own funds (gifted down payment not permitted, however cash reserves and closing costs may come from gifted sources). Maximum loan amounts.

Buying a homeLenders consider your second mortgage as part of your total downpayment. This is why 80-10-10 loans eliminate the need for mortgage insurance. Higher credit scores are typically required for a.

Tapping Your IRA for a House – We have an 80-10-10 mortgage (80 % from the first mortgage, 10% second mortgage, 10% down). Can each of use withdraw $10,000 from our IRAs without paying a penalty if we put the money toward paying off.

The 80/10/10 mortgage loan is available on purchase transactions of owner-occupied, primary residence, single family homes, condominiums, PUDs, and townhomes only. 10% down payment must be from borrower’s own funds (gifted down payment not permitted, however cash reserves and closing costs may.

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An 80-10-10 loan is essentially two mortgages combined into one package to help borrowers save money and avoid paying private mortgage insurance, or PMI. The first loan is a traditional mortgage and covers 80% of the cost of the home.

For a few years, we’ve liked the mortgage market in particular given its performance. interest rates were rising with the 10-year treasury rate climbing from an all-time low of 1.37% to 3.04% in.

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An 80-10-10 mortgage, or piggyback mortgage, is one method to avoid paying private mortgage insurance (PMI) for those with good credit. find out more here. You can put down 10%, but will need pay PMI (or a higher interest rate with Lender Placed Insurance also possible). Check with your loan officer and ask that he/she run some numbers 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.

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