Tuesday, October 11, 2016

80/15/5 No Mortgage Insurance Loan Option

Would you like to have no mortgage insurance?  You have a lower cost option than mortgage insurance.  The FHA loans have higher mortgage insurance.  The 80/15/5 loan option is an 80% first mortgage and a 2nd mortgage at 15 with only 5% down.  This is an old trick to avoid mortgage insurance.  Mortgage Insurance is required when a borrower does not have 20% down payment.  The first and 2nd lien option has a lower payment as well.

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