Hi. my lender offered me a 90% LTV on a single family property I am looking to buy. Is it possible to just go to another lender and get the other 10%? What is the best way to get this other 10% so I can get in really light on the front end of the deal? Thanks for your insights.
-sonriffic
You will have to ask your lender what the maximum CLTV allowed is. If it is 100% CLTV then you could probably use an outside lender. Unfortunately finding a stand alone NOO second lien is almost impossible in todays mortgage market. I only knew of two companies that did them, and both of them have discontinued that product. You have two choices 1) Tell your broker you need a 100% product 2) Find a new broker that offers the 100% product.
You should be able to find 100% LTV at 680 full doc or 720 stated. Keep in mind you will need at least six months PITI in reserve to qualify for 100% LTV.
Hope this helps.