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with the housing crisis and the economy crisis,some people have told me that i should wait on buying a house....any ideas
Lorenzo
http://welcometoinsuranc... |
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AT 18 years old, can you rent a decent car?
Additional Details
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http://www.visualtour.co
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House?
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and where can i go to find this kind of program? fannie mae, 21 century real estate??
Additional Details
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Tea-time | Is an 80/20 type of loan the same as a "subprime" loan? |
I am getting my first home and with all the bad news going around regarding lenders, I am wondering if this two types of loan are one and the same.
thanks. |
 |
 
mcmufin
|
No, but it is more scrutinized than many other loans. An 80/20 loan is actually two loans. The first is for 80% of the total mortgage, the second is for 20% of the total loan amount.
Banks make these loans because 80% loans are more profitable to sell than 100% loans (loans are sold just like stock and bonds). The 20% loan is less profitable, but the lender still comes out ahead with the total package. |
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Quicken Loans
|
Nope. They are totally different.
An 80/20 (combination) loan allows folks to split up the total loan balance into separate mortgages. It makes it possible for borrowers lacking 20% down payment to avoid private mortgage insurance (PMI) and keep their monthly payments fairly low. The 80% is a normal "first" mortgage and the 20% (or whatever the difference between your downpayment and remainin amount you need to borrow) is a "second" home equity or home equity line of credit loan.
A “sub prime” loan usually means the FICO score is below 620, though it can vary from lender to lender.
Hope this helps and if you have any questions, feel free to send me a message through my profile. |
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CHUCK
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80/20 just means the lender will only loan 80% of the value of the home. They want you to carry the other 20% with cash or a second loan.. It simply keeps them in the green should they need to re-po your house. |
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RickRN
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NO! |
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michiganted
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Absolutely not. An 80/20 simply splits a zero down purchase into two loans to avoid the Private Mortgage Insurance. One has nothing to do with the other. |
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MissV
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No. A loan is defined 'subprime' if the interest rate agreed upon is high due to poor credit of the buyer. |
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cbmttek
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On first glance, no.
Typically, a 80/20 refers to the loan to value ratio. That is you put down 20%, and the loan is for 80% of the property value.
A sub prime loan generally refers to a loan to someone that is less then an ideal candidate.
On the other hand. These terms are tossed around incorrectly a lot. Sub prime could refer to getting a really good rate (sub prime rate, the prime rate is 7% your loan is 6% for example.) and an 80/20 loan could refer to the practice of taking out a second loan for the 20% down payment, thereby avoiding the private mortgage insurance.
So, without knowing where and in what context you got those terms, I cannot really answer the question with 100% accuracy. (But, I did take a shot at answering both possibilities above.) |
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