For those who did an 80/15/5 mortgage...

cluelessbride Posted: Nov 27, 2004 09:40 AM

For those who did an 80/15/5 mortgage...

What bank or mortgage company did you use?

Were you able to wrap closing costs into the mortgage?

TIA!!!!!!!!!

Valentinegirl Posted: Nov 27, 2004 09:50 AM

Re: For those who did an 80/15/5 mortgage...

We used Bob at Sterling Mortgage in Garden City. He was great. We did an 80/15/5. We paid our closing costs up front but I'm sure you can add them to the mortgage.

swags1016 Posted: Nov 27, 2004 10:39 AM

Re: For those who did an 80/15/5 mortgage...

We used Tom Petsche from Wells Fargo and we couldn't have had a smoother process, he was great!!!

corinne7477 Posted: Nov 27, 2004 08:47 PM

Re: For those who did an 80/15/5 mortgage...

we did an 80/10/10 which pretty much is the same as a 80/15/5 just splitting the middle payments. we used citibank. this is done to avoid pmi insurance which is an additional insurance on top of the homeowners. we put 10% down and 10% at closing we were unable to roll into the the mortgage. if you have a 401k you can borrow against it too! that sometimes helps!

raken40 Posted: Nov 29, 2004 02:32 PM

Re: For those who did an 80/15/5 mortgage...

what is an 80/15/5 mortgage? or the 80/10/10?

Charly Posted: Nov 30, 2004 09:05 AM

Re: For those who did an 80/15/5 mortgage...

We did an 80/15/5 and used Weichert Realty's financial services. We did wrap the closing costs up into the mortgage - they call it a sellers concession and usually as long as the sellers agree to it - its not a problem.

The bank that gave us the mortgage was Wells Fargo.

Hope that helps.

corinne7477 Posted: Nov 30, 2004 10:11 AM

Re: For those who did an 80/15/5 mortgage...

80% is the mortgage 10% down at contract and 10% at closing

80% mortgage 15% down at contract and 5% at closing

we went the 80/10/10 route because we were able to keep the other 5% in the bank. it took us 6 months to final close.

Kriss2c Posted: Nov 30, 2004 11:01 AM

Re: For those who did an 80/15/5 mortgage...

80/15/5 or 80/10/10

are essentiall two different loans emcompassing the percentages of the entire purchase price of the home, the final percentage is your down payment.

80% first mortgage
15% second mortgage but can also be a home equity line of credit or (HELOC)
5% your downpayment.

I did this and have to pay two separate bills every month to avoid the PMI and the interest on both these loans are tax deductable.

Oh and we did a sellers' concession to help with the closing costs.