80/10/10 Loan

Some lenders offer a piggyback mortgage, called the 80 10 10 loan. Which means you will receive two loans, one for 80% of the value of the home and one for 10%. These two loans cover 90% of the purchase price, with the borrower paying the remaining 10% as a downpayment.

Mortgage Down-payment Calculator. If you are saving up for a home and want to know how long it will take to reach a specific downpayment percentage on the home please use this calculator.If you want to convert a home price to a downpayment percent please use the first calculator below.

80-20Mortgages - A Simplistic View They borrow 80 percent of the home’s value with a first mortgage, then borrow whatever else they need with second, and in some cases third mortgages. These are also called 80-20 or 80-10-10 loans. The.

An 80/10/10 loan, also called a piggyback mortgage, is a low down payment mortgage option for home buyers. A borrower actually receives two loans, simultaneously, which covers 90 percent of a home’s purchase price. A home buyer would only need to put 10 percent down for a down payment as opposed to the more traditional 20 percent.

Loans are subject to credit review and approval. Closing costs may apply. A sample principal and interest payment on a (30)-year $150,000 fixed rate loan amount with a 4.250% interest rate (4.317% APR) is $737.91.

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The 80/10/10 mortgage is widely-available and buyers are using it to avoid PMI; and, to buy homes more cheaply. More on the program plus today’s live rates.

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.

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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 a 80/10/10 loan? PMI is required on all conventional loans with less than 20% down payment.

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If you don’t want to pay the PMI (private mortgage insurance) premiums on a 90 percent mortgage, I suggest you get an 80-10-10 mortgage. That means you make a 10 percent cash down payment, get an 80.