Licensed in 10 states, Gershman Mortgage has a wide variety of loan products and. Also known as a piggyback loan, 80/10/10 requires a 10% down payment,
paying a higher interest rate or agreeing to a second mortgage, often known as an 80-10-10. In this scenario, you’ll take out a mortgage for 80 percent of the purchase price, put down 10 percent and.
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An 80-10-10 mortgage, or piggyback mortgage, is one method to avoid paying private mortgage insurance (PMI) for those with good credit. find out more here. and funds the remaining 10 percent with a second mortgage. A lender would call this arrangement an 80-10-10 piggyback mortgage. With 5 percent down, the financing would be an 80-15-5 piggyback.
A piggyback 80-10-10 mortgage can save you money compared to PMI or FHA. Here's how to qualify.
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Typically, the first mortgage is set at 80% of the home’s value and the second loan is for 10%. The remaining 10% comes out of your pocket as the down payment . This is also called an 80-10-10 loan, although it’s also possible for lenders to agree to an 80-5-15 loan or an 80-15-5 mortgage.
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What is an 80/10/10 mortgage loan is a question that easily comes up to the borrower’s mind. This is basically a creative way to avoid paying a PMI – private mortgage insurance, and a convenient way to purchase or refinance or consolidate debt, employing the benefits of combining a first and a second mortgage or trust.
An 80-10-10 loan is essentially two mortgages combined into one package to help borrowers save money and avoid paying private mortgage insurance, or PMI. The first loan is a traditional mortgage and covers 80% of the cost of the home.
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The 80/10/10 mortgage is widely-available and buyers are using it to avoid PMI; and, to buy homes more cheaply. More on the program plus.
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