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 today’s live rates.
Some lenders offer a piggyback mortgage, called the 80 10 10 loan. Which means you will receive two loans, one for 80% of the value of the home and one for 10%. These two loans cover 90% of the purchase price, with the borrower paying the remaining 10% as a downpayment.
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What Is PMI (Private Mortgage Insurance)? – That’s where the “80/10/10” breakdown comes from. This can help you avoid PMI, since the mortgage lender ends up receiving the full 20% down payment in cash (which is made of the money you got from.
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80 10 10 Loan – Lake Water Real Estate – The 80-10-10 loan is really two loans and is sometimes called a piggyback mortgage. The 80-10-10 loan allows borrowers to avoid jumbo loans which can be more expensive and difficult to obtain. The loan also helps them keep from paying private mortgage insurance which can be a significant expense. An 80-10-10 mortgage, or piggyback mortgage, is.
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