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Old 02-07-2011, 03:16 PM
 
21 posts, read 47,536 times
Reputation: 22

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I'm planning to buy a house and plan to do a 80/10/10 home mortgage. Are these loans still being offered ? If so, could you'll please let me know the prominent lenders who are still doing it.

I really don't want to pay PMI with a 90/10 down loan. I plan to pay down the 10% 2nd mortgage within 5-7 yrs with a 310k home price and 10% down.

Oh, my credit score is excellent.

Thanks
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Old 02-07-2011, 03:22 PM
 
1,045 posts, read 2,141,425 times
Reputation: 909
I believe the are still available.

Try Amegy Mortgage - Amegy Bank
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Old 02-07-2011, 04:12 PM
 
Location: The Greater Houston Metro Area
9,053 posts, read 17,111,665 times
Reputation: 15226
There are several that do it. Some even do a 80/15/5, 80/10/10 is more common. Stay away from Wells Fargo, Chase and BofA.
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Old 02-07-2011, 04:19 PM
 
Location: Heights
594 posts, read 1,242,815 times
Reputation: 463
Yep. We're doing an 80/15/5.
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Old 02-07-2011, 04:37 PM
 
49 posts, read 126,747 times
Reputation: 58
Cheryl
why do you say stay away from the big banks?
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Old 02-07-2011, 05:01 PM
 
958 posts, read 2,560,511 times
Reputation: 827
Customer service is beyond horrid.
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Old 02-07-2011, 06:33 PM
 
Location: The Greater Houston Metro Area
9,053 posts, read 17,111,665 times
Reputation: 15226
Quote:
Originally Posted by notready View Post
Cheryl
why do you say stay away from the big banks?
They drop the buyer in the dirt days before closing saying "whoops, we can't do the loan because of fill in the blank with something trivial here. Sorry - bye". Good credit will not stop this from happening. You are left scrambling to get another lender at the last minute - closings have to be extended - which means you lose your rate lock and sometimes the house.
Quote:
Originally Posted by predatorprey View Post
Customer service is beyond horrid.
This is absolutely true, also.
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Old 02-07-2011, 07:36 PM
 
834 posts, read 2,673,666 times
Reputation: 527
I used Encore bank recently for my mortgage. Good service and no problems so far. We did 2 loans for 100 pxt financing 80/20.
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Old 02-07-2011, 08:36 PM
 
Location: New Jersey
48 posts, read 126,883 times
Reputation: 25
Quote:
Originally Posted by predatorprey View Post
Customer service is beyond horrid.

Ditto.

A big bank is quick to take that "we don't care" attitude. They are big enough to not have to care. They "bank" on their name not their service.

On the contrary, a smaller lender wants your business & usually will bend over backwards to get it.

The big bank gives you no advantage whatsoever, other than bureaucracy.

Also, people handling the phones and loans on the toll-free number at the big banks are often not as well-trained. I've spoken to many. Their knowledge level can be scary.
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Old 02-07-2011, 08:39 PM
 
Location: New Jersey
48 posts, read 126,883 times
Reputation: 25
Quote:
Originally Posted by Houston_2010 View Post
I used Encore bank recently for my mortgage. Good service and no problems so far. We did 2 loans for 100 pxt financing 80/20.

You are fortunate. I have no options for 80/20 in my area. Almost impossible these days.
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