How to do 80% with 20% second? - Posted by John

import · March 6, 2003, 10:15pm

Posted by Charles Clark on March 07, 2003 at 07:27:52:

Hi John,
The property that you “need to buy”, is it going to be for your own home, or a house for an investment?
If this is your home, then you can find lenders that will allow a CLTV (Combination of Loan To Value, ie how much of the sales price you can borrow, total.) But then, most lenders that offer 100% CLTV, will have plans that include 80/20 loans, and the nice thing there is that you would be just dealing with one lender. Finance costs etc would be lower. If this is an investment property, it is going to be very difficult to get a lender that will allow an 80/20 or a 100% CLTV.
Charles

import · March 6, 2003, 10:15pm

Posted by John on March 06, 2003 at 23:15:15:

I need to buy some property and want to know if there is a way to finance 80% with one lender and 20% with another?

import · March 8, 2003, 11:37am

Re: How to do 80% with 20% second? - Posted by Mike

Posted by Mike on March 08, 2003 at 12:37:41:

John,

Why would you want to incur extra costs of using multiple lenders? Your best bet would be to go with an 80/20 through one vendor and avoid pmi or any extra costs.

If you would like more assistance please feel free to email or IM me.

Good luck,

Mike Pine
michael_pine@yahoo.com
AIM: Mortgagebroker71