I am currently working for a mortgage conduit that specializes in the acquisition, securitization and sale of MBS. I know in commercial real estate securitization there is a capital stack involving senior and mezzanine debt, however, is there a capital stack in single family that I could discuss??
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It’s a lot more simple in Residential.
Your equity is your down payment, then you have a senior mortgage on it for the difference. Very rarely do you ever have a second, subordinate mortgage.
People aren't doing 80/10/10's any more to avoid PMI? For decades you could do 80/15/5 or 80/10/10. 80 is the 1st TD, 10 or 15 is the 2nd to get you to 90 or 95CLTV and the last figure is your down.
Navy Fed and a my local credit union offer smoking SFR owner occ loans with no PMI to around 95% LTV. San Diego County Credit Union does 100% no PMI.
The second TD market took an absolute beating in the late 90's with the meltdown of First Plus Financial and The Money Store. They didn't do purchase money 2nds, just cash out after closing. Their failure seemed to have spilled over into the purchase money 2nd world. Everyone back in the day was doing 2nds.
Whoa that sounds way cool. Not to my knowledge. Maybe things changed in the past year or so. We could find 90% LTV with no conventional but that needed pretty stellar credit and a prime city. But anything beyond that was FHA territory with no mezzanine piece.
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