Sentences with phrase «as piggyback loans»

Piggyback mortgages, which are also known as piggyback loans, were a mortgage - lending fixture last decade.

Not exact matches

There are some exceptions to this rule, such as the 80-10-10 «piggyback» loan and other specialized programs.

The 80-10-10 loan, also known as the «piggyback» loan, lets the buyer put less than 20 percent down and avoid monthly insurance payments.

With an increase in their 2016 mortgage loan limits, more of today's home buyers can use low - downpayment mortgage programs such as the Conventional 97 program, as well as the 80/10/10 piggyback loan.

A piggyback loan — also known as a purchase money second mortgage — is when a borrower takes out two mortgage loans at the same time, one that's for 80 % of the home's value and the other to make up the 20 % down payment.

Instead of taking on private mortgage insurance, some homeowners have managed to avoid a 20 percent down payment by securing a piggyback loan (also known as the 80 - 20 loan).

There are some exceptions to this rule, such as the 80-10-10 «piggyback» loan and other specialized programs.

Also known as an 80-10-10 loan, a piggyback loan is something we may recommend to those who qualify for a large loan amount in terms of income and credit, but lack the larger down payment amount for jumbo loans.

As home values start to pick up again, so do the number of piggyback loans, also called second mortgages.

This is referred to as an 80-10-10 piggyback loan, by the way.

Higher scores get access to a wide range of mortgage programs such as the HomeReady ™ mortgage which allows for a 3 % downpayment; and piggyback loans, which can help a homeowner avoid paying private mortgage insurance (PMI).

The second loan (the piggyback) is taken out as a home equity line of credit (HELOC) that closes at the same time as your 80 % mortgage.

An 80-10-10 loan, otherwise known as a «piggyback» loan, is a mortgage option in which a home buyer receives a first and second mortgage simultaneously: one for 80 % of the purchase price, and one for 10 %.

Using a piggyback loan can help you to avoid PMI (mortgage insurance) in some cases, as long as the first mortgage is under 80 % loan to value.

As a real - life example of how piggyback loan works, let's consider a home buyer in Denver, Colorado with good credit who is purchasing a home for $ 400,000, and wishes to make a maximum downpayment of $ 40,000, or 10 percent.

A piggyback strategy, also known as an 80/20 loan, is just one option.

That gives a boost to borrowers who would have trouble putting together a piggyback loan package as a way to avoid the cost of PMI.