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We just moved to Denver from Boise. When we originally started looking for home loans, I wanted to do an 80/10 like I had with our last home (purchased in 2005), however, I couldn't find a bank or credit union that would even consider it. Although we have the 20% down, we wanted to retain as much cash as possible after the purchase. When I bemoaned this dilemma to my father (a sm business loan officer with a large, private bank in the Northwest) he said that his bank still does them and that he just did one last week for a client of his. He referred me to his co-worker who does mortgages and sure enough, we easily qualified for an 80/10 loan! Yippeee! I'm sorry that I can't post any direct information on here, but I just thought others would like to know that there are still other options out there for those of us who refuse to pay PMI (FHA loans), huge down payments and don't want to live in a rural development area. Just keep looking until you find them.
for a reference point - my husband and I both have 750+ credit scores, the rate is 4.625 (30 yr fixed) with 0% discount and 1% origination fee (to get a 0 discount and 0 origination fee, the rate is 4.875%) and the 2nd mortgage is 15yr fixed 7.892%. This bank is thriving (they have always kept high standards for loan qualifications), they do not resell their mortgages, and although they do not have any branches in CO, they are licensed to do business here.
We got an 80/10 through a broker (two different banks for the loans). A couple brokers were not interested in doing it, had to look around. US Bank did our primary (4.75 no points/orig fee), got the secondary through our credit union (HELOC at prime +0). The option is definitely still out there, although you have to look a little harder for it.
Congrats, but PMI would have been the better option assuming you have 700+ credit score.
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