This program allows buyers to put down 10% and obtain a 1st mortgage for 80% and a second mortgage of 10% which will cover the purchase price. On the surface, this sounds like a simple deal to structure, but it must be dome carefully or the benefit becomes a drawback.
For FHA loans, this charge is known as a Mortgage Insurance Premium or MIP.. You make a 10 percent down payment, you get a first loan to cover 80 percent.
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Finance your purchase with no PMI-providing huge monthly savings Down payments as low as 10% Your first mortgage will cover up to 80% of the purchase price You’ll receive second mortgage for 10% of the purchase price. Terms of 5, 10, or 15 years are available Receive up to a $500 gift ca
Talk to one of our mortgage bankers today about the loan program that is best for you.. sandy spring bank is proud to offer our flexible 80-10-10 loan program.
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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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.
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.
The most common loan arrangement using this option is called an 80/10/10; an 80% first mortgage, a 10% second mortgage, and a 10% down payment.