An 80-10-10 mortgage is a mortgage that allows you to make a 10% down payment and avoid PMI by taking out a second mortgage for 10% of the purchase price.
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The 80/10/10 mortgage loan is available on purchase transactions of owner-occupied, primary residence, single family homes, condominiums, PUDs, and townhomes only. 10% down payment must be from borrower’s own funds (gifted down payment not permitted, however cash reserves and closing costs may come from gifted sources).
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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How does a 80/10/10 loan work? Usually a 2nd mortgage or a Home Equity Line of Credit (HELOC) is offered up to 90% of the home value. Such kind of loans are popularly known as 80/10/10 loans, where the first mortgage is 80 percent of the home value, second mortgage or HELOC is 10 percent and the rest 10 percent is the down payment by the borrower.
What does 80-10-10 mean? The 80 stands for an 80% First Mortgage; the 10 stands for 10% Second Mortgage and the last 10 stands for the 10% down payment from the consumer. This is done quite simply to avoid PMI (Private Mortgage Insurance). Banks typically require 20% down from someone when purchasing a home. the problem is that as homes became more expensive, it becomes unrealistic for some.
An 80 10 10 loan is a mortgage option in which a home buyer receives a first and second mortgage simultaneously, covering 90% of the home’s purchase price. The buyer puts just 10% down. This loan type is also known as a piggyback mortgage.
After falling out of favor during the housing meltdown, piggyback mortgages – often dubbed "80/10/10" loans – are now on the rebound. You make a 10 percent .
With our Portfolio Second Lien (also known as an 80/10/10), we finance 80% in a first mortgage, 10% in a second mortgage, and with your 10% down payment,
80 10 10 Mortgage Calculator – If you are looking for a way to pay off your mortgage loan faster then our mortgage refinance services can help you pay off the loan in half the time.
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.
80 10 10 Mortgage Lenders – If you are looking for lower mortgage payments, then mortgage refinance can help. See if you can lower your payment today.