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What type of loan is this??????
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Misc
Posted 9/24/2005 3:44 PM (#405)
Subject: What type of loan is this??????
Not sure of the exact specifics of this loan.....This is what i do know
-I get 80% of loan price
-5% down + closing cosys, unless seller will pay
-30 year loan
-I pay whatever the amount is to seller plus I pay the lender other 20%
kevin
Posted 9/26/2005 2:47 AM (#406 - in reply to #405)
Subject: RE: What type of loan is this??????
I'm having a hard time understanding your question. Seems like a purchase to me, 80% financing, 20% down payment.
Big Bank Hank
Posted 10/4/2005 8:03 PM (#432 - in reply to #405)
Subject: RE: What type of loan is this??????
Posts: 22
Sounds like an 80/15 to me. 80% LTV first mortgage 15% second mortgage. Why break it up and not do just one loan? Biggest reasons... rates are lower and you avoid mortgage insurance if you are conforming.

Joe
Posted 10/17/2005 8:19 PM (#481 - in reply to #432)
Subject: RE: What type of loan is this??????
[QUOTE]Big Bank Hank - 10/4/2005 7:03 PM

Sounds like an 80/15 to me. 80% LTV first mortgage 15% second mortgage. Why break it up and not do just one loan? Biggest reasons... rates are lower and you avoid mortgage insurance if you are conforming.

[/QUOTE]

Hey Big Bank Hank...what do you mean by breaking it up and not doing one loan? Are you saying to do it as an 80/15? That would be two loans then wouldn't it? 1st and 2nd?
Big Bank Hank
Posted 10/18/2005 2:35 AM (#485 - in reply to #405)
Subject: RE: What type of loan is this??????
Posts: 22
Joe,

Yes, that is exactly what I am saying. It really makes sense in a conforming loan situation. You avoid MI and get a better rate on the 1st(Yes the 2nd may be higher but it is better than paying MI and a higher rate with one loan). In fact the blended rate is usually not so bad. See for yourself.
http://www.brokeruniverse.com/warehouse/blended_rate_enhanced.xls
sgordon1772
Posted 10/23/2005 2:35 PM (#504 - in reply to #405)
Subject: RE: What type of loan is this??????
sounds like a piggy back 80/10/10
MartinLukac
Posted 11/29/2005 3:59 AM (#578 - in reply to #405)
Subject: RE: What type of loan is this??????
I just want to throw an idea....carryback maybe?

Seller is carrying 80% and lender is financing 20%

For the "5% down + closing cosys, unless seller will pay" , lender will negotiate with seller to pay the closing cost. If he refuses than you have to pay and loans turns into 80/15/5
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