80/20 Loans-Still Available? Mortgage Folks...help?

15 years ago

We are in the process of buying. DH and I have excellent credit scores. Last time we used GMAC and done the 80/20. That works good for us as we have no children and like our tax deductions (higher interest on second loan)with the option to pay off the second loan in 10- 15 years.

GMAC no longer does the 80/20 so with a little research I have found with all the housing market these loan are getting scarce.

I know we have a couple Mortgage folks that frequent here, where can I find an 80/20 these days?

Thanks for any information you can share.

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Comment (1)

dave_donhoff
15 years ago
Hi Topkicker,
There are still piggyback 2nd loans up to 95% (but if you blink they might change this afternoon.... seriously... really, I'm not kidding ;~)

On the other hand, if you have a household income at/below $100,000 AGI, any mortgage insurance you would otherwise avoid with a piggyback is fully deductible, same as the higher interest you'd have paid on the piggyback 2nd.

LASTLY, in most cases you may still qualify for financing with down payments as low as Zero Down to 3.5% down with one of several of the government subsidized financing programs.

Sounds like you could probably benefit from someone with more resources in their toolbelt than the GMAC salesclerk, yeah?

Cheers,
Dave Donhoff
Leverage Planner
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