5% down payment on non-conforming loan?

[Settemio]

is this even possible? My wife and I are preparing to buy a home the end of summer. We noticed today a home went for sale in the area we are looking, and for much less than what we are targeting. The list is 458k. I wont have 10% down payment for this price until maybe Middle of May. By then, this will be gone... I was wondering if there are any possibilities of a 5% down loan. I realize this would have to go through two lenders, 80% on 1st and 15% on 2nd loan. I just thought Id ask, if it is a pipe dream... Then we will continue on the path we were on.

Thanks for any input.

[BrianB_The_Loan_Professor]

I dont know of any seconds that will go to 95%

How high is the FHA loan limit in your area that may be an option and only requires 3.5% down

Brian

[ShanetheMortgageMan]

At that sales price you don't need a non-conforming loan, you could get a conforming 1st mortgage for 80% of the purchase price ($366,400... or 90% would be $412,200, still within conforming loan limits) and finance the remaining 15% on a 2nd mortgage.  However, like Brian, I am not aware of many 2nd mortgage lenders offering 95% CLTV (combined-loan-to-value) financing on a 2nd mortgage (I've heard Key Bank in Washington is offering it again).  You could try Googling it and adding the area you are purchasing in, there may be some local credit unions offering it.

[Settemio]

FHA in Texas is 270k.

[Settemio]

Would this describe what I need?

http://www.bluestarlending.net/Loan-Programs/Conventional-Loan.htm

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@ShanetheMortgageMan wrote:

At that sales price you don't need a non-conforming loan, you could get a conforming 1st mortgage for 80% of the purchase price ($366,400... or 90% would be $412,200, still within conforming loan limits) and finance the remaining 15% on a 2nd mortgage.  However, like Brian, I am not aware of many 2nd mortgage lenders offering 95% CLTV (combined-loan-to-value) financing on a 2nd mortgage (I've heard Key Bank in Washington is offering it again).  You could try Googling it and adding the area you are purchasing in, there may be some local credit unions offering it.

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[ShanetheMortgageMan]

That is a standard Fannie/Freddie 1st mortgage loan program, which at 95% LTV caps out at a $417k loan amount (that is the 1st mortgage loan limit, not the total loan limit amongst a 1st/2nd mortgage).  On that website, http://www.bluestarlending.net/Loan-Programs/Second-Mortgages.htm is the link to what you would be interested in (a 2nd mortgage that goes to 95% CLTV).  Since you are in Texas, DallasLoanGuy may have some more information for you as well.

[Settemio]

But it says right on this page...

Programs Available for Purchases

• 80/15/5, 80/10/10, 80/5/15 (First Mortgage Amount / Second Mortgage Amount / Down Payment Amount)

You are saying this is only for a total of 417k then for all three? 80/15/5?

[DallasLoanGuy]

max 417k on the first lien

[DallasLoanGuy]

problem is that 2nd lien lenders i know cap their loan amounts at 95% CLTV

shane's idea of 90/5/5 is how i would structure it