This loan program can potentially save thousands of dollars for homeowners who currently have mortgage insurance.
San Jose, CA (PRWEB) February 27, 2013
California Mortgage Lender Arcus Lending recently launched 80/10/10 loan program. This program can help current homeowners get rid of mortgage insurance (MI) faster.
Homeowners who have less than 20% down payment usually pay mortgage insurance on their loan. Mortgage insurance is required in most cases on both FHA and Conventional loans with less than 20% down payment.
To eliminate MI, homeowners need to have 20% equity. By refinancing into the 80/10/10 loan program, borrowers who have at least 10% equity and who are paying mortgage insurance can get rid of the MI faster. Borrowers can also eliminate MI while buying a new home with only 10% down payment.
Arcus Lending is currently offering this in the states of California, Washington and Oregon. Borrowers need to meet certain credit qualifying criteria. Maximum loan amount between first and second is capped at $750,000. This loan is available only for primary residence. Minimum credit score of 720 is required.
Shashank Shekhar of Arcus Lending, said "This loan program can potentially save thousands of dollars for homeowners who currently have mortgage insurance. They can use that money to pay more towards their loan principal and build equity faster."
Shashank who was named "top 40 under 40 mortgage professional" also wrote a blog post to explain this loan program. That post can be accessed at http://lendingexpertblog.com/say-no-to-mortgage-insurance-pmi-801010-loan-is-here/
About Arcus Lending:
Arcus Lending (NMLS 3446) is a mortgage lender offering home purchase and refinance loans in the states of California, Washington and Oregon. More information about Arcus Lending can be found by calling at 855.644.5626, by emailing at info(at)arcuslending(dot)com or by vising their website at http://www.ArcusLending.com