Let Downey Federal Credit Union help you get into your first home, your dream home or refinance your current loan from another lender.
80/10/10 Home Loans
Looking to purchase a home, but don't have a large enough down payment to avoid the costs of Private Mortgage Insurance (PMI)? Breaking up your home loan into two mortgages with a down payment might be the option for you. An 80-10-10 loan can help home buyers avoid the cost of PMI by helping with the down payment.
|An 80-10-10 loan is two mortgages, plus a down payment:|
|First mortgage:||80% of the purchase price|
|Second Mortgage (Home Equity Loan):||10% of the purchase price|
|Down payment:||10% of the purchase price|
An 80-10-10 loan from DFCU brings you closer to your dream home without having to come up with the traditional 20% down payment. Call us at 562.862.8141 to learn more.
Jumbo mortgage is a mortgage loan that may have high credit quality, but is in an amount above conventional conforming loan limits. (Usually loan amounts higher than $417,000)
A conforming loan is a mortgage loan that conforms to government guidelines. (Usually loan amounts lower than $417,000)
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Or call us at 562.862.8141