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ANSWER: Most real estate lenders are familiar with 80-10-10 financing to avoid PMI premiums. It involves a 10 percent cash down payment, a new 80 percent first mortgage and a 10 percent second.
Logix mortgage loans are available in the following states: AZ, CA, DC, ME, MD, MA NH, NV, and VA. The 80/10/10 mortgage loan is available on purchase transactions of owner-occupied, primary residence, single family homes, condominiums, PUDs, and townhomes only.
The 80-10-10 loan, a form of combination loan, is the solution in question. An 80-10-10 loan is actually two separate loans used to cover the cost of a home purchase. The first loan covers 80% of the purchase price. The second loan covers another 10% of the price. The remaining 10% is to be paid by the borrower as a down payment. 80-10-10 loan.
I used an 80-10-10 mortgage in the past when buying my current house. I then refinanced after the mortgage rates tanked about a year later. At the time it was a good deal, as it was cheaper than PMI and I aimed my extra payments toward the smaller mortgage that covered my 10% piece.
Mortgage professional Rob Spinosa explains the home loan structure known as an 80-10-10 mortgage in this short video. If you are asking about whether a piggyback mortgage is the right way for you.
An 80-10-10 loan lets you buy a home with two mortgages for 90% of the purchase price plus a 10% down payment. Also called piggyback loans, 80-10-10 mortgages avoid private mortgage insurance or.
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A structure that was common before the housing crisis and has since re-emerged is the 80/10/10, also called a "piggyback mortgage," which allows homeowners to save money while making a lower down.
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Somehow you’ve got to come up with $16,050 to pay off your lender. My husband and I took out an 80-10-10 and quickly paid off the higher-interest second loan. None of these packages should have.
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.