50/50 mortgages?

Question

how do i find out about 50/50 mortgages, I am a first time buyer.

Answer 1

Well if you are looking to get 100% financing with one loan or an 80/20 which will give you one loan for 80% of the total value an a second loan for 20% of the value it is not difficult. My company justgetaloan.net specialises in helping first time home buyers with their purchases. feel free to log onto the company website http://justgetaloan.net/ there you can find tons of information about first time home buyer programs also get a fast free pre-qualifictaion, and get low rates, great loan programs and service. For further assistance feel free to contact me at 866 530 7300 ext 7305 or by email [e-mail]

Answer 2

Never heard of a 50/50 mortgage. Especially, anything for first time homebuyers. So, I asked my loan officer and this is what she said:
Never heard of it. It could mean 50% down and 50% mortgage but that doesn't sound like a 1st time buyer program. It could mean a 50% 1st mortgage and a 50% 2nd mortgage but the rate is always higher on a 2nd mortgage so it would be better to do an 80/20 loan. Good to hear from you.
Linda Abbott
Senior Loan Officer
AHM Mortgage
office: 856-589-3742

Answer 3

You must be well ahead of the timse because no such thing exists......

There are;
1/ 100% financing loans a/k/a no money down loans. This is not a conventional loan product and the buyer is penalized with a higher arte and so forth....

2/ 80/20 loans..this is the typical convential loan product and requires 20% down payment from the buyer. The max. loan will be 80% of the purchase price.

There are other variotions that require a 10% down payment and the bank finances 90% of the proce as a first and second mortgage.

Answer 4

I think you mean 80/20 mortgages. This option allows you to finance 100% of the value of the home, with no PMI insurance. PMI insurance is a mortgage insurance charged by the lender if you borrow more than 80% of the home's value on one loan. To avoid paying PMI, lenders can structure a first mortgage of 80%, since Fannie Mae only looks at the loan-to-value of the first lien mortgage, and since it is at or below 80% there is no PMI. The rest of the money is borrowed thru a second lien mortgage at 20% of the value, allowing you to finance 100%.

Hope this helps.