Second mortgages - how are things looking? (PMI, loan, credit score)

[KristyLiz]

It's been a few weeks since all the sheet hit the fan, so to speak, in the mortgage industry. And since we are still about a month away from being able to lock in a rate on our mortgage, I was looking for a sort of 'state of the business' in terms of rates, terms, qualifications, etc. for an 80/10/10.

Thanks!

[renriq02]

there are many products out there that you can compare to a 80/10/10
You can obtain a 90/10 and have the lender pay your PMI or 90/10 and you pay PMI.

it's hard to give someone qualification guidelines if you dont state if you're going full doc, 30yr fixed, is the loan less than 417k, is the credit score high/low, etc

Originally Posted by KristyLiz

It's been a few weeks since all the sheet hit the fan, so to speak, in the mortgage industry. And since we are still about a month away from being able to lock in a rate on our mortgage, I was looking for a sort of 'state of the business' in terms of rates, terms, qualifications, etc. for an 80/10/10.

Thanks!

[KristyLiz]

Originally Posted by banker0679

it's hard to give someone qualification guidelines if you dont state if you're going full doc, 30yr fixed, is the loan less than 417k, is the credit score high/low, etc

True - we are doing 30 yr fixed, fully documented income, credict score 750+.

[renriq02]

you should be fine, but might need to be less than 50% Debt to income ratio


add up all your debts, and add up the future mortgage payment, then divide it by your income.

Originally Posted by KristyLiz

True - we are doing 30 yr fixed, fully documented income, credict score 750+.

[KristyLiz]

Originally Posted by banker0679

you should be fine, but might need to be less than 50% Debt to income ratio


add up all your debts, and add up the future mortgage payment, then divide it by your income.

Do I include student loan debt if the debt is solely mine and I am not the primary borrower?

[renriq02]

they will use ALL debt from ALL borrowers.
the only count the monthly payments though.

they will also use the lower score also.

if you have 750 760 780...your middle is 760
if your spouse has 590 610 600.....his middle is 600

they will use the 600.

Originally Posted by KristyLiz

Do I include student loan debt if the debt is solely mine and I am not the primary borrower?

[cvatasoiu]

Originally Posted by KristyLiz

It's been a few weeks since all the sheet hit the fan, so to speak, in the mortgage industry. And since we are still about a month away from being able to lock in a rate on our mortgage, I was looking for a sort of 'state of the business' in terms of rates, terms, qualifications, etc. for an 80/10/10.

Thanks!

here is a good article on that:

Getting a Loan for Your Second Home

it is definitely harder than before, but it's not impossible.