How Does a Piggyback Mortgage Loan Work? First. (These loans are also called 80/10/10 loans, based on the way the percentages of funds break down.) While this is similar to having a 20 percent down.

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.

80/10/10 Piggyback Mortgage Loan, Best Rates & Lenders – 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.

What is a Heloc explained by California Home Loan Expert Teresa Tims | So Cal Mortgage Broker 80/10/10 (No PMI) F Purchase Apply Today. Finance your purchase with no PMI-providing huge monthly savings; Down payments as low as 10%. Balance owed on all liens attached to the property including all mortgages as well as any home equity loans or lines of credit.

Weekly mortgage refinances drop to an 18-year low as rates jump – Points increased to 0.52 from 0.50 (including the origination fee) for 80 percent loan-to-value ratio loans. mortgage rates follow loosely the yield on the 10-year Treasury. "Treasury rates increased.

Can I Get A Home Loan With Late Mortgage Payments Getting a new loan with a few late mortgage payments history. Find answers to this and many other questions on Trulia Voices, a community for you to find and share local information. Get answers, and share your insights and experience.

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Check Current Rates. 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.

80/10/10 Hybrid Mortgage. Avoid paying private mortgage insurance (PMI) without making the full 20% down payment normally required to waive this insurance. The 80/10/10 Hybrid Mortgage breaks up the loan as follows: 80% of the loan is financed as a first mortgage; 10% of the loan is financed as a second mortgage (Home Equity);

Compare APRs from at least three lenders. If conforming mortgage rates are lower, try using a bigger down payment or an 80-10-10 loan to keep the amount you borrow below the conforming loan limit..

The second step is to use that written lender’s mortgage pre-approval to buy the home you want. If you keep the mortgage balance below 80 percent of the home purchase price, you have many alternatives.