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); the final 10% comes from a cash down payment (or established equity in the home in the case of refinance), which is determined by the purchase price (or appraisal value of.
An 80-10-10 mortgage is a mortgage that allows you to make a 10% down payment and avoid PMI by taking out a second mortgage for 10% of the purchase price.
A mortgage broker I have been working with proposed a 80-10-10 loan. She wasn’t trying to sell me on it, but just present it as an option. 80/10/10 Mortgage Lenders 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.
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The 80-10-10 Combination Loan consists of a first mortgage from Santander Bank for 80% of your home’s value, a variable rate home equity line of credit (HELOC) as a piggyback loan for 9.99% of the home’s value, and the 10.01% cash down payment.
For someone buying an existing home, a combination loan may take the form of a piggyback or 80-10-10 mortgage. An 80-10-10 mortgage consists of two loans with one down payment. The primary loan covers.
An 80/10/10 loan is a mortgage product that combines a first mortgage, a home equity loan (also referred to as a second mortgage), and a down payment. The first mortgage equals 80 percent of the home’s loan-to-value ratio, while the home equity loan and cash down payment both equal 10 percent of the home’s purchase price.
With an 80-10-10 loan, the primary mortgage covers 80 percent of the loan value; a second mortgage, often called a piggyback, covers 10.
Piggyback Mortgages, commonly called “Combo” or “80-10-10 mortgages” are transactions where a second mortgage or home equity loan is taken out.
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.
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