80-10-10 FICO Scores

TXDevil · ‎07-05-2016

My wife and I are purchasing new construction (almost finished), have been preapproved and posses the requisite 20% down. However, our preference would be to put only 10% down and have a second for 10%, providing sufficient cash to pay for a pool. Having never had a second before, does anyone have a ballpark of what FICO's are needed for these types of loans?

We are located in the Dallas area, if that helps. Thanks and any thoughts are greatly appreciated, as I was unable to find a straight answer to this question.

Anonymous · ‎07-06-2016

Mortgage broker told me I need 700 mid score but a local bank could do the 80/10/10 for me with a 680

DallasLoanGuy · ‎07-06-2016

80/10 available at 680

80/15 needs higher. maybe 700

second liens are more strict than 1st liens. but the good news is, we send the file to the second lien company and they do the pre-approval.

Retired Lender

TXDevil · ‎07-06-2016

Thanks for the prompt reply!

Anonymous · ‎07-07-2016

Hey Guys,

I'm in Dallas also. Can you make any recommendations on home inspectors and title companies in the area?

Anonymous · ‎07-07-2016

700-720 typically for the second, stricter DTI requirements too.

DallasLoanGuy · ‎07-08-2016

@Anonymous wrote:
Hey Guys,

I'm in Dallas also. Can you make any recommendations on home inspectors and title companies in the area?

do you have a realtor? they will have a list for you.

the title co is usually selected on the contract so i didnt recommend them often. i used a title attorney in plano for my refis

make sure you check up on the inspector. some are sloppy

Retired Lender