What is a 80 10 10 Piggyback Second Mortgage Loan and how does it work?
A 80-10-10 Combination Loan is a piggyback loan option that allows customers to make home ownership a reality with as little as 10% down. The 80-10-10 Combination Mortgage Loan consists of a first mortgage for 80% of your home's value or sales price and a variable rate second mortgage as a piggyback loan for 10%.
What are the benefits of doing an 80-10-10 Piggyback Second Mortgage Loan?
- It's a great way to avoid paying mortgage insurance (PMI).
- Great option to avoid a Jumbo Mortgage and the strict underwriting and reserve requirements.
- We use this second mortgage to get primary & second home condo and single family residence mortgage loans approved.
President Senior Loan Officer
First Florida Financial Group, LLC