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80 10 10 Loan

An 80-10-10 mortgage "piggybacks" a 10 percent home equity loan on top of a conventional 80 percent mortgage, leaving a 10 percent down.

An 80-10-10 loan is a mortgage loan that allows a borrower to obtain a large home loan without some of the penalties. A potential borrower may have a new job with high income or assets that have a high market value. They may not have a large enough down payment for the home they want to buy because their assets are not liquid at the time of application for the mortgage.

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80 10 10 Loans for Today’s Home Buyer. 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.

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 are the benefits of an 80/10/10 loan? PMI is required on all conventional loans with less than 20% down payment.

Save up for a 20% down payment on your property and skip private mortgage insurance altogether. For those with a high credit score, another option for avoiding PMI may be available: an 80-10-10.

80/10/10 or “piggyback”: Here you take a first mortgage to (usually) 80% of. We do it as a 80/10/10 loan, i.e. one large loan that is conforming.

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.

A piggyback 80-10-10 mortgage can save you money compared to PMI or FHA. Here's how to qualify.

*Tax credits for mortgage payments. A 80/10/10 Piggyback loan can help you avoid PMI obligations, lowering your monthly mortgage payment and your down payment. Ultimately, choosing an 80 10 10 package involves considering trade-offs and your financial situation.

Bankrate.com provides FREE blended-rate mortgage calculators and other blended-rate loan calculator tools to help consumers learn more about their mortgage payments.

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