Piggyback Loans. A piggyback loan is. Some lenders offer these loans to borrowers with a 580 credit score with just a 3.5% down payment.
These loans are often called piggyback loans, since they require two loans, one to take the brunt of the home value, and a second smaller loan that handles a smaller portion, thus "piggybacking" off of the first loan. There are many variations to this structure, including a 75-15-10 loan and many more.
2008-03-15 · A piggyback loan is a second mortgage taken out at the same time as a first mortgage as a way of borrowing a larger total amount without having to pay.
The piggyback loan is used for eliminating the private mortgage insurance premium when the down payment is less than 20% for a "conventional" mortgage. The piggyback 2nd mortgage cannot be used on the government backed home loans (i.e. FHA, VA, USDA). Why would I take out two mortgages to buy a house? Sounds crazy, I know.
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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.
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In a seller’s market, homes often go for more than they are valued at. In order to acquire those houses, you either have to have a large portion of cash set aside, have a private lender, or use a piggyback loan. Before the crash of 2007, lenders were allowing people to take out jumbo loans to finance their houses.
The first loan is a more traditional mortgage with an 80% loan-to-value ratio (LTV), while the second lien is a revolving line of credit in the form of a home equity loan. Payments on piggyback loans vary, as each lender structures the loans differently; these loans are typically pegged to the prime rate (the lowest rate of interest available).
Piggyback loans may be harder to refinance at a later date. The second mortgage will need to be paid off or subordinated. To subordinate the second mortgage, the lender will need to agree to make their loan second in importance behind the new first mortgage.