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Combination Mortgage (80/10/10)
What’s a combination mortgage?
Also called a Piggyback loan, this type of mortgage is broken up into three parts. The 80/10/10
combination is an 80% loan-to-value (LTV) first mortgage, a 10% LTV 2nd home equity loan, and a 10% down payment.
An 80/10/10 solution could mean lower monthly payments.
- No need for Private Mortgage Insurance (PMI).
- 10% down payment.
- Potential to qualify for larger mortgage.
- Flexibility for financial planning.