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With Millennial Home Loans quick online loan application, determining if you qualify for a 80/20 Loan and for how much, has never been easier.
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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, Pennsylvania, and Virginia
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
Talk to a 80/20 Mortgage Expert
Not ready to apply online? No problem.
Answer a few questions, and a 80/20 Home Loan Mortgage Expert will call you back.
