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80/10 mortgage loans sometimes
called a Piggy-Back loan, is a program designed to help
Borrower's purchase a home with 10% down while avoiding
Mortgage Insurance. An 80/10 loan is actually 2 mortgage
loans, a 1st mortgage (at 80% of the value of the home)
and a 2nd mortgage (at 10% of the value of the home.)
80/10 loans eliminate the need to pay Private Mortgage Insurance
(also known as PMI) and also generally provide considerably
lower rates than other types of financing. 80/10 financing
helps to keep your payments low and gives you the freedom
of not having to put any money down.
- Choose a fixed rate, 5/1 ARM or 7/1
ARM for 80% of your financing.
- We will attach a second mortgage
to finance the remaining 10%.
- We will underwrite both loans at
the same time.
- Fees are minimal on the second mortgage
loan.
- 80/10/10 purchase and refinance transactions available
An 80/10 mortgage is also a good option to consider for
those who plan to put 10% down. If you compare the difference
in the payment of doing an 80/10 loan as opposed to putting
down 20% the difference in payment is not much and you may
prefer to keep the 10% as reserves for an emergency.
You won't have to pay mortgage insurance!
The way to avoid paying mortgage insurance is by getting
a "piggyback loan" -- a second mortgage to back up the first
mortgage. The first and main mortgage is for 80 percent
of the home's price. The piggyback loan is for 10 percent
of the home's price. 80-10-10 means that you get a main
mortgage of 80 percent of a home's purchase price, a piggyback
loan for 10 percent, and made a 10-percent down payment.
About Interest Only Loans - Pros and Cons
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