Details About the Piggy Back Loan Program. The piggyback loan program uses a first mortgage product as well as a second mortgage product to facilitate above-average loan-to-value transactions. While both loans are secured against real property, a borrower can use the combined loan-to-value features of the program to avoid paying mortgage insurance.

Down Payment For A Second Home WASHINGTON (Reuters) – U.S. home sales fell for a second straight month in April, weighed down by a chronic shortage of more affordable. which reduced the amount of mortgage interest payments.

Since the housing recovery, piggyback loans have been limited to 90% loan-to-value. This means you have to put a down payment down (of 10%), rather than the 80-20 type loan used during the bubble. The Advantages of a Piggyback Mortgage. People often take out piggyback mortgages to avoid private mortgage insurance. Also known as PMI, this is the.

Conventional loan programs offer as low as3% down payment, FHA is. The most common reason why a piggyback loan is used is to avoid.

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What is a piggyback loan? The piggyback loan, also called a tandem loan, combo or a blended rate mortgage combines a first mortgage and a second mortgage. The piggyback loan is used for eliminating the private mortgage insurance premium when the down payment is less than 20% for a "conventional" mortgage.

with extra fees for this privilege wrapped into the loan, and high interest rates; (2) piggyback loans, which consist of a first mortgage at market rate plus a second mortgage at a much higher rate.

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A piggyback mortgage can include any additional mortgage loan beyond a borrower’s first mortgage loan that is secured with the same collateral. Common types of piggyback mortgages include home.

Piggyback Loan A loan for a portion of the value of a home over and above the traditional mortgage. In general, one must have a 20% down payment to purchase a home and one finances the remaining 80%. A piggyback loan allows one to borrow at least a portion of the remaining 20% (though at a higher.

My big question : Is the 80% first on a piggy back the kind of thing a typical conventional loan originator would be willing to do ? In my last.

How to Invest in Property With No Money Down. By: Karen Rogers .. If a buyer can’t get a piggyback loan and seller financing isn’t available, a lender might make a 100 percent mortgage loan.