Avoid MI - Get a HELOC

We can now help borrowers who are putting down 10% avoid Mortgage Insurance by helping them qualify for a 80/10/10 Combo Loan.

   80% of the Sales Price - 1st Mortgage
   10% of the Sales Price - Home Equity Line of Credit (Fixed or Variable)
   10% of the Sales Price - Down Payment

This will definitely help borrowers who would normally be in a JUMBO loan range (loans > $417,000 in Utah County). 

Now you can purchase a home for up to $833,333 by doing a 1st Mortgage for $417,000 and getting a 2nd Mortgage for $333,000 - down payment of 10%, or $83,333, would be required.

A few more details:

• Not all borrowers will qualify
• 700 Mid-Score for Primary Wage Earner Required
• Debt Ratio up to 38/45% of Gross Income
• HELOC has 10-yr Draw, 20-yr repayment, 30-yr term
• 30-yr amortization for qualifying
• Condos and Town Homes: 89.99% for purchase / 84.99% for refinances; 75% owner occupancy required
• $50 annual fee
• Appraisal desktop review may be necessary

Call me at (801) 901-8490 and I'll walk you through each scenario to see what options are best for your individual circumstances.