First Place Bank’s 80/10/10 loan program was recently mentioned in the Wall Street Journal Online as an example of a creative way to assist buyers (and sellers) above the lowering Fannie Mae county loan limits!
September 16, 2011, Will Expiring Loan Limits Kill My Sale? By June Fletcher. Link: http://on.wsj.com/rd289k
Q. My house is for sale for $878,000. I have already dropped the price three times, and can't afford to drop it any lower. I am very worried about the upcoming expiration of conforming loan limits, and what that will do to the pool of buyers that can get a mortgage to buy my house. Your thoughts? --Arlington, Va.
A. “… buyers could find a lender who will provide a piggyback loan that allows a lower down payment. Such lenders generally are community or niche banks that keep such loans in their own portfolios. For instance, in your area, First Place Bank is offering an 80/10/10 loan that requires a 10% minimum down payment. The bank makes a first loan up to the conventional limit in tandem with a second.”
Thank you for helping to spread the word!
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