As a San Diego Mortgage Broker, we are always getting set up with lenders who offer new loan programs and unique solutions.
Over the last couple of years the only way to get a loan above an 80% loan to value was to get a San Diego conventional loan with Mortgage Insurance or a San Diego FHA loan with Mortgage Insurance.
This was due to the fact that most lenders were not willing to offer second mortgages above 80%.
Many borrowers don’t like the idea of having mortgage insurance because it is not deductable on their taxes, whereas the interest on a second mortgage would be.
Recently, a few lenders have started to offer second mortgages up to 85% combined loan to value (CLTV), but I have a new program that will allow us as San Diego Mortgage Brokers to go to a 90% CLTV with no mortgage insurance by using a second mortgage.
This loan is an equity line with a 10 year interest only period and then a 20 year repayment term. The rate is Prime + 1.99% or currently 5.24%.
The equity line limits are a minimum of $10,000 up to a maximum of $350,000.
This equity line second allows the combination of a first mortgage and second mortgage up to a loan amount of $750,000 at a 90% CLTV with a 700 Fico score or up to $1,000,000 at an 85% CLTV with a Fico score of 720.
If you would like more information about how this loan program can help you avoid mortgage insurance and qualify for a loan amount up to $750,000 at 90% CLTV please request a rate quote HERE or contact me at 619-312-0612.
The Mortgage Planners are a San Diego Mortgage Broker who offers multiple loan programs like San Diego Jumbo Loans and FHA loans.