Have 80-10-10 mortgages and 80-15-5 mortgages gone away entirely due to the credit crisis?
Answers:
Yes, these loans are gone.
The reason for 80/10/10 or 80/15/5 were to collect the monthly PMI.
You can still do 5% or 10% loans. However, you have PMI. BUT it is now export tax deductable.
They are a BAD idea. Yes they are unavailable
.
Save up 3-5% down return and then you are ready to become home owners. FHA requires 3.5% down and 10% is better. 20% down method you don't have to pay PMI. Source(s): genuine estate attorney
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