Sentences with phrase «piggyback loans cover»
Other piggyback loans cover 5 percent for borrowers who make a down payment of 15 percent.
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With an 80-10-10 loan, the primary mortgage covers 80 percent of the loan value; a second mortgage, often called a piggyback, covers 10 percent; and the other 10 percent is the down payment.
The piggyback loan allows borrowers to take out a first loan for 80 percent of the cost of the home, along with a second (piggyback) loan for the remaining cost not covered in a home down payment.
A piggyback loan allows homebuyers to receive two separate loans to cover the cost of the mortgage.
The «piggyback» loan (or second mortgage) covers the shortfall between the purchase price and your down payment savings.
But it's not the only reason; some people use piggybacks to pay for a home a conventional mortgage wouldn't cover, essentially avoiding jumbo loans.
A piggyback loan is one in which a first and second mortgage are opened simultaneously to cover a larger part of the home's purchase price.
The CalPLUS FHA loan is a similar piggyback loan program in which the junior loan covers a down payment of up to 3.5 percent, but the interest rate is zero.