Return to the Buying and Selling Homes Forum | Post a Follow-Up

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

Posted by topkicker (My Page) on
Thu, Sep 4, 08 at 23:33

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.


Follow-Up Postings:

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

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


 o Post a Follow-Up

Please Note: Only registered members are able to post messages to this forum.

    If you are a member, please log in.

    If you aren't yet a member, join now!


Return to the Buying and Selling Homes Forum

Information about Posting

  • You must be logged in to post a message. Once you are logged in, a posting window will appear at the bottom of the messages. If you are not a member, please register for an account.
  • Posting is a two-step process. Once you have composed your message, you will be taken to the preview page. You will then have a chance to review your post, make changes and upload photos.
  • After posting your message, you may need to refresh the forum page in order to see it.
  • Before posting copyrighted material, please read about Copyright and Fair Use.
  • We have a strict no-advertising policy!
  • If you would like to practice posting or uploading photos, please visit our Test forum.
  • If you need assistance, please Contact Us and we will be happy to help.


Learn more about in-text links on this page here