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80/20 Loans.
80/20 Conventional Mortgage Loan with No Down Payment Requirements
With a 20% Down payment Community Second Mortgage Loan Homebuyers Can Purchase a House with No Money Down. This 30 Year Fixed Rate combination Fannie Mae Conventional Mortgage Loan and 20% Down payment Community Second Mortgage Loan increases home affordability throughout Maryland, Pennsylvania, and Virginia
80/20 Conventional Purchase Loan Program Benefits
- No down payment required
- No monthly mortgage insurance
- Both the 80% 1st Mortgage and 20% 2nd Mortgages are 30-year fixed rate mortgages
- Up to 3% seller paid closing cost assist allowed
- Income determined by the income listed on the loan application, not by the household income
- Available to both first time homebuyers, but isn’t required, and even homeowners that already own another property
- Eligible geographic areas include all of Maryland. The majority of Pennsylvania and Virginia with certain excluded areas. Please see below
Generic Guidelines:
- Area Median Income Requirements at 80% or less of the Area Median Income. Use the Fannie Mae Tool to determine Area Median Income
- Loan amount up to conforming loan limits of $806,500
- Non-occupant co-signers are allowed
- Less restrictive appraisal report requirements than a comparable Government Loan appraisal report
- Maximum total loan to value of 105%, with down payment assistance program
- Must receive a DU Approval Eligible underwriting findings
- Minimum middle credit score of 620
- 3% maximum seller closing cost assist allowed
- Manufactured homes permitted with 5% down payment
Eligible Areas:
- Maryland – All counties are eligible
- Virginia – All Counties allowed except the following excluded counties: Alleghany, Bedford, Bedford (City), Bland, Botetourt, Bristol (City), Buchanan, Campbell, Carroll, Charlotte, Covington (City), Craig, Danville (City), Dickenson, Floyd, Franklin, Galax (City), Giles, Grayson, Halifax, Henry, Lee, Lynchburg (City), Martinsville (City), Mecklenburg, Montgomery, Norton (City), Patrick, Pittsylvania, Pulaski, Radford (City), Roanoke, Roanoke (City), Russell, Salem (City), Scott, Smyth, Tazewell, Washington, Wise, and Wythe
- Pennsylvania – All Counties allowed except the following excluded counties: Allegheny, Armstrong, Beaver, Butler, Clarion, Crawford, Erie, Fayette, Forrest, Greene, Indiana, Jefferson, Lawrence, Mercer, Venango, Warren, Washington, Westmoreland
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Answer a few questions, and a 80/20 Home Loan Mortgage Expert will call you back.
