I'm hoping to get some advice on the best way to structure a loan. I will be selling my current property after two years and relocating out of state. I plan to purchase something around $600k-650k. As with my first mortgage, I want to use my credit alone for the purchase. My credit scores will all be fairly consistent between 715-721 after the payoff of some accounts is posted, according to the FICO simulator.
Here's the ask: I'm interested in putting as little down as possible. What the best mortgage option to accomplish this given it will fall within the range of a non-conforming loan? Should I look for an option that is structured as an 80/15/5 loan? The only financier I have found that provides this flexibility is Compass Bank. Are there others? Or, are the others unlikely to accept a down payment that is less than 10-20%?
Thanks in advance for your guidance and knowledge!
Thanks! This is helpful. Would you mind sharing the names of the 3 credit unions you have found with 80/15/5 products?
If anyone knows of any others or differing options, I'd love to hear them. Thanks!