80/20???

rajkovesic · Joined: 01 Sep 2007 Posts: 2 1.83 Dollars($)

Is still possible to get 80/20 loan for first time buyers with score of 680, or that is not working anymore? Sad

miller_st · Joined: 17 Jan 2007 Posts: 917 168.82 Dollars($)

Yes it is possible. You have a good score and that would certainly help.

But you said you are not working anymore, so what is your source of income now?

Miller

rajkovesic · Joined: 01 Sep 2007 Posts: 2 1.83 Dollars($)

I'm sorry,I meant ,if 80/20 loan "still working anymore", because I've been told that many banks now require at least 5% down.

miller_st · Joined: 17 Jan 2007 Posts: 917 168.82 Dollars($)

Oh I thought it to be something else Smile

Banks still do such loans. It is not that it has been totally stopped. But they will require that your credit be pretty good and other requirements are also up to the mark like income and dti ratio.

Miller

Guest 0.10 Dollars($)

If you can afford 3% down then fha loans are good option to look at. And 100% ltv loans are available from fannie mae, known as mycommunitymortgage.

Guest 0.10 Dollars($)

I know that wachovia also has 100% financing available. Check that out as well...

evolovik26 · Posted: Sat Sep 01, 2007 8:35 pm Post subject:

larry · Joined: 27 Jun 2007 Posts: 3328 473.40 Dollars($)

Hi Rajkovesic,

Nowadays in U.S, when all the loan companies have created a tight situation, borrowers are facing troubles in obtaining loans.

But only if you have a verified income and a good credit score, you can go for an 80/20 loan. But there is a possibility that you will be charged with a higher interest rate on the second loan.

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