90% Combo loan Back in the Bay Area- No Mortgage Insurance Any More

Looking to buy a home with less than a 20% down payment? Possibly a purchase or Refinance to a 90% combined loan to value?

Mortgage Insurance NO More!

New combined loan programs allow for just that. Purchase amount up to:

$833,333 at 90% CLTV (CLTV=Combined Loan to Value of the First and Second Mortgage)

$1,176,000 at 85% CLTV

A new option to finance without mortgage insurance is back. Over the past few years the only way to get above an 80% loan to value mortgage loan would be to get a loan that included monthly mortgage insurance or choose one that was paid and built into the rate. Most lenders in the past were not willing to offer second mortgages above the 80% because of declining values. Many of my clients and myself didn’t like the idea of having to pay monthly mortgage insurance due to, in some cases, it not being tax deductible and increasing the monthly expense ratio thus decreasing the amount my clients could borrow.

Second Mortgages

We now offer a combined first and second mortgage that allows you to borrow up to a 90% of the value of the property. The second loan is an equity line that resembles the past lines in the 1990′s. It is an adjustable rate mortgage tied to Prime. The line has a 10yr interest only payment feature and then, after the 10yr becomes fully amortized allowing you 20 years to pay off the line.

The rate is Prime +1.99% above an 80% up to >90% CLTV

700 FICO score to 90% CLTV for combined loans up to $750,000 and 720 FICO up to $1,000,000 in combined loans with an 85% CLTV maximum

I’m Here to Help With Your Purchase or Refinance

If you or someone you know would like more information on qualifying for loans at a 90% CLTV please contact me below or at the phone number at the top of the page.


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