Piggy Back Loan

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Piggyback financing consists of a primary mortgage and a secondary form of financing, either in the form of a home equity loan or line of credit (HELOC).

A "piggyback" second mortgage is a home equity loan or home equity line of credit (HELOC) that is made at the same time as your main mortgage. Its purpose is to allow borrowers with low down payment savings to borrow additional money in order to qualify for a main mortgage without paying for private mortgage insurance.

One of the driving forces behind taking out piggyback loans, also called combo loans, was the tax deduction available for paying all that interest versus paying a .

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Prior to this, we drop any duplicates that most likely reflect piggyback loans in order to avoid double-counting names. The term `piggyback’ refers to a second mortgage that is made at the same time.

A piggyback loan is actually two loans taken out at once. Borrowers today can take out a version of the piggyback loan known as the 80-10-10 loan. The "80" part of this loan is a conventional fixed-rate mortgage for 80 percent of your home’s purchase price.

Citigroup’s program is part of the Obama administration’s billion loan modification program aimed at helping customers stay in their homes. The second-mortgage modification program offers lenders.

While you’ll need to pay PMI, that’s still going to be a better option than using a personal loan as your down payment. To avoid PMI, another option are piggyback mortgages, also known as 80-10-10.

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SEATTLE, April 30, 2015 /PRNewswire/ — Mortgage lending standards loosened in 2014, making it easier for borrowers with low credit scores. back to FHA loans. Additionally, the rate of creative.

In another indication of increasing consumer debt, a new federal report has found that the percentage of borrowers who turned to high-cost loans to buy or refinance. Such an arrangement, known as a.

This move forced borrowers who may have previously been able to get a conventional mortgage with a low down payment back to FHA loans. Additionally, the rate of creative financing like second.

This loan is also popular as a piggyback loan and made by combining more than one loans. 80-10-10 loan is customized to help its consumers.