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 30yrs fixed, Arm, Interest Only, 80/20???? |
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YoYo21 | 8020 Home Loan?? |
How exactly does an 8020 Home Loan work??? IS it least favorable option?? |
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ernie_fergler
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Well, it means you have to have 20% equity in the home, meaning that the loan will not amount to more than 80% of the value of the home. You will get lower interest rates than on, say, 5% equity, because the lender rightly guesses you will work harder to pay off a loan where you have the risk of losing 20% instead of just 5%. If you are in the US, visit http://www.nationwideadvantage.com to apply for free and get a decision in minutes. |
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W. E
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80/20 loans look like you are paying more for your money - but the blended interest rate is lower than a 1 loan at 100 percent. Plus you are taking away the MI that would be added on, on a 100 percent loan. Depends on what your credit score is, the program you are wanting...and what you are looking for....My clients normally do not want a 80/20 so I mostly do 1 loan products, or a interest only if they are only going to be in their home 1-7 years, since you can do a 1, 2, 5, 7, 10 yr interest only at a fixed rate. There are many many programs out there - I know it can be confusing. Check out my web site, and if you need assistance, feel free to give me a call. |
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asajous
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It depends on what type of 80/20 combo loan you are speaking of...the total loan you seek is financed in two parts, the 1st is 80% for the said interest rate for how ever long; (ex: 80% at 6.5% interest for 30yrs) and the 2nd is 20% for 8.6% interest only for 20yrs. As I said depends which type. Each loan is paid seperately and is treated as two seperate loans which if needed in the years to come can be combined into 1 loan when refinancing. Each can be paid off seperately;(ex: a 20% 2nd loan you would pay 200$ extra a month on priciple can be paid off in 5-10yrs depending on the amount financed)
The combo loan is more favorable than a conventional 30yr fixed single loan if the monthly payments turn out to be lower or pay off faster in the long run.
Seeking a knowledgable Mortgage Officer/Broker, such as myself, will help you pick which best suits your needs. |
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jcorreahq
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I may be able to assist you, I am a mortgage broker who works with over 100 lenders nationwide and offer several programs that will fit almost any situation. Please feel free to contact me Jcorreahq@yahoo.com I will go through everything with you and answer any questions you may have about the process. This is at no obligation to you and if nothing else will educate you on how everything works and what you qualify for exactly! I look forward to hearing from you! ~Joseph Correa Licensed Mortgage Broker |
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reggiewjr1
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An 80/20 Home Loan, is actually two loans used for financing a property to 100% of it's value. The first being 80% and the second being 20% of the homes value, which is a bit self explanatory of why it's called a 80/20 yes?
Well this type of loan is used to avoid paying PMI (Private Mortgage Insurance). PMI is required by most lenders when you are financing more than 80% of the homes value. It is an insurance that you pay for but only covers the lender if you should default on your mortgage.
I wouldn't necesssarily call it the least favorable option, as it will save you from possibly hundreds of dollars in PMI payments every month. The Interest rate on the 20% side is usually higher than the interest rate on the 80% side, but the blended rate of both is usually lower then the interest rate of a straight 100% loan. |
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stanza_chad
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It's 2 sepearte loans, just like the other answers have said. But the second, 20% loan, comes at a much higher interest rate. When I was shopping for a home loan a month ago, it was 8-9%. This type of loan does get you around paying for mortgage insurance. But that doesn't mean its the best option. In a lot of cases, like mine, it was cheaper to pay for the stupid mortgage insurance than the extra cost of interest that comes along with an 80/20 loan.
There are also tax consequences depending on the loan type. With an 80/20 loan you will be paying more in interest, that's a fact, but that interest is also deductible on your taxes, so you may save a little when you calculate that in. |
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golferwhoworks
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An 80%-20% home loan is just an option to obtain 100% financing. The 80% portion keeps you from paying private mortgage insurance for which you receive no benefit. PMI only protects the lender in case of default. The 80% portion is at a lower rate than the second mortgage. Fannie Mae and Freddie Mac will only allow 95% financing on a purchase and 90% of the value on a cash out refinance of a home. Now the 20% portion could be done in the form of a closed end fixed rated note or a home equity line of credit that is adjustable to an index. The index preferred is the PRIME RATE. It depends on how much home you are trying to purchase as to which of the second notes would be best for you. Home equity lines of credit can have a much lower monthly note as you may be only required to pay just the interest for several years. This is a good option if you are in a generally rising market. once in the home for several years you can refinance the home as you have been paying down on the notes and the value has gone up and obtain a more favorable loan.
Hope this helps! |
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mazziatplay
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An 80/20 loan is actually a combination of a first and second mortgage offering borrowers 100% financing on the purchase of a new home.
The advantages are the lack of a down payment requirement and the lack of private mortgage insurance payments. In addition, the borrower may waive the requirement for an escrow account for the collection and payment of taxes and home owner's insurance. These advantages result in a lower monthly payment to the lender and a substantial lowering of the amount the borrower must pay at closing.
The disadvantage may be in the lack of equity the borrower has in the home from the onset of the loan and the fact that the borrower is now making both a first and second mortgage payment monthly.
For borrowers with limited funds to use towards the purchase of a home it may be the best product available. In areas of increasing property values the lack of immediate equity may be offset by the property's appreciation in value.
Qualification standards may be a bit more stringent in some cases due to the investor's perception of risk but that also benefits the qualified borrower in that it may prevent closing on a transaction that might lead the borrower to an eventual default position through lack of sufficient ability to repay the debt.
Consultation with a qualified and experienced mortgage banker will answer any of the other questions you may have, allow you to review all of your options, and let you know just how much you can qualify for. |
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gm1957
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The home buyer takes out two loans -- the first for 80 percent of the purchase price, and the second for 20 percent of the home's price. The borrower is expected to come up with the closing costs.
The borrower is expected to come up with the closing costs.
It allows people to buy without a down payment, or for those people who would prefer not to touch their savings to get into a house. |
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mike p
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The lender loans you 80% of the sales price/appraised value on a first mortgage and a 20%second mtg. It is a good choice for most people who would like to keep the extra cash that would go toward a down payment. You also avoid paying costly mortgage insurance. |
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Soon to be Mrs.
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An 80/20 is defined as an 80% first and a 20% second mortgage. This option helps to eliminate mortgage insurance when you have to finance 100% percent of the value of the home. The biggest risk with this option is the higher interest rates on the second mortgages these days. Make sure you choose a fixed rate second if you choose this option, that way your payments cannot increase over time. |
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