- Borrower’s buying in the Jumbo price range that don’t have the required 20% down payment
- Borrower’s buying in the Conforming or High Balance price range and don’t have 20% to put down to avoid paying MI
- Allows borrower to buy in Jumbo price range with only 10% down with NO MI !
- Allows borrowers with at least 10% to NOT pay MI !
PRODUCT BENEFITS: • Potential to obtain your desired lower rate on the first mortgage • Maintain a low blended rate up to 90% TLTV • Help keep your first mortgage within the conforming limits at a lower interest rate • Avoid Mortgage Insurance (MI) • Avoid Escrows • High Balance Conforming first positions eligible • First time home buyers are O.K. • For 2nd lien position choose either 30 year fixed for lower payment or a 15 year fixed term to build equity faster • borrowers 10% down can all be gift funds
• Rates will likely continue to rise so secure a second mortgage with a Fixed loan and not an adjustable rate HELOC
PRODUCT HIGHLIGHTS : SFR or Condo, primary residence up to 90% TLTV, 740 minimum FICO required for 90% TLTV, Max $250,000 2nd mortgages up to 90% TLTV