2020 Mar 20, 8:50pm
1,512 views 30 comments
What is 80/10/10?
Is there a way to put down less than 10% cash and avoid PMI?
BayArea saysWhat is 80/10/10?10% out of pocket10% as a secured loan in a 2nd position to the 1st.80% as a traditional conforming mortgage aka trust deed.
But the 2nd 10% is a heloc? It will be higher rate than the 80% loan.
This first preliminary description of outcomes among patients with COVID-19 in the United States indicates that fatality was highest in persons aged ≥85, ranging from 10% to 27%, followed by 3% to 11% among persons aged 65–84 years, 1% to 3% among persons aged 55-64 years, <1% among persons aged 20–54 years, and no fatalities among persons aged ≤19 years.
55-64 = 1% to 3%65+ = 3% to 11%
55-64 = 13%65+ = 16%
2020 pop = 331M, so 50% infected = ~165M
55-64 group = 165M X 13% = 21.5M65+ group = 165M X 16% = 26.4M
55-64 group = 21.5M x 2% = ~0.43M65+ group = 26.4M x 7% = ~1.85M
9. Migration to lower cost areas.
Saw a moving truck last weekend. COVID-19 killed the elevator pitch. The migration has begun?
Some of those ideas may not be available for a rental property. For instance you can't put 20% down (legally) for a 30yr fixed the minimum is 25%.
You just tell them it will be your primary... then you rent it out after it closes. Come on, it’s banks you are dealing with here, not starving children.
y'all need to get better banking relationships.
Fraud is right. And the bank will call the loan if you make the place a rental, as the loan was likely government backed on the provision that it was for owner occupancy only.
Might trigger a clause where the bank can call in the loan as well.