20/80 vs 30 year fixed?

Question

can you still get a 30 year fixed mortgage without a down payment with good credit and a house worth around 260K?

Answer 1

Yes!

There are banks and lenders who will still do an 80/20 loan
Also available are the following programs:

MyCommunity
Flex100
http://www.naca

And as been mentioned the various State, City and County programs.

Find a local broker who knows his products

Answer 2

Yes, absolutely, as long as you have qualifying income.

Try an FHA loan or, if you're in Massachusetts, a MassHousing loan. Also, FannieMae's MyCommunity and FreddieMac's HomePossible products are a good choice without a down payment. Just ask your bank or broker for these products.

Can you clarify your title?
20/80, typically written as 80/20, means two loans, one 80% of the value & one 20% of the value. These can be 30 Year Fixed products so I don't understand the "vs". You can have both the 80/20 AND 30 Year Fixed.

PMI (or private mortgage insurance) is actually a pretty good deal now-a-days. It's less expensive than it used to be and typically tax deductible now. So also try options on one loan with PMI.

Answer 3

its an 80/20 mortgage for 100% of total sales price, the 80% is normally a fixed rate, and the 20% can be fixed or it can be adjustable with a fixed period of time or it can change monthly. the idea here is the 80% is normally at the going fixed rate for good credit while the 20% can range from 7 1/2% to 12% interest, doing a loan this way you avoid pmi (private mortgage insurance) which is an insurance that protects the lender in the evident you default, does nothing for you the borrower however you would pay approximately 140 a month for pmi and have to put at least 5% of thepurchase price down (in this case 13000). so its normally a break even proposition on monthly costs seeing how you would be paying 247000 @ say 6%=1480 + pmi of 140 = 1620 but with an 80/20 you would have 208000 @ 6%= 1247 monthly payment and 52000 @ 8 1/2%= 451 therefore 1247 + 451= 1698 a month mortgage payment, if you do the math and by the way the 20 is normally at 15 for 20 year term you will see that, have given you some examples, the two things to keep in mind is with 80/20 you dont have to come up with 13000 down, and pmi is not tax deductible where as the interest on the 20% is. so it is a break even situation, unless you count for building equity quicker with the 80/20. another thing is you cannot get out of pmi until you own 20% of the value of the property even if you are in a fast apprecaiting area most lenders require you pay pmi for at least 3-5 years, and then they are going to send their apprasier to get a value and not someone you know or use locally. as others have told you you need good credit i believe the going credit score is in excess of 720 to do an 80/20 in todays world. gl

Answer 4

The short answer is that you are unlikely to get an 80/20 deal today unless you are willing to pay a subprime rate of interest.

That said, you can get a federally guaranteed loan at 97% Loan to Value WITHOUT a second mortgage assuming your credit is good and you can afford the payments (and have a fixed rate).

Go visit your local bank and meet with a residential originator. Stay away from brokers ... stay away from the internet offers. If you're a new borrower - you need someone who is going to be there for you and who has a vested interest in a local community reputation.

Hope this helps!

Answer 5

Depends on your credit score and the location of the house. You can purchase a home on FHA up to 103%, which includes your closing costs. If you are handly, you can get a home with the costs to fix it up included in your loan. There is also money available from the City/County or State to help you with a down payment. You need to work with a professional Loan/Investor who knows all the tricks!

Answer 6

80/20 or 20/80 loans are the ex home owners we visit most often.
buy 'house buying for dummies' b4 u burn urselfs.

Answer 7

You can get that with STELLAR credit and a good asset portfolio. The average person no longer qualifies for such loans.