80/20 Loans Explained – Financial Web – finweb.com – The 80/20 loan, also referred to as a piggyback mortgage, became a popular way to obtain a traditional 30-year fixed mortgage without having any money to use as a down payment. This loan also is used to avoid paying private mortgage insurance. Definition of an 80/20 Loan
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With a jumbo piggyback loan, you can take out a low-interest conforming. piggyback mortgage arrangements are often described as "80-20,".
Piggybacks of 80-20 – where 80 percent of the mortgage is through a primary mortgage and 20 percent is a secondary mortgage where no down payment is required – are not available now as they were during the housing crisis.. piggyback loans can also be used to avoid getting a jumbo loan.
When to opt for 80/20 mortgage and what are the options. – An 80/20 mortgage loan gives you the option to get 100% financing for your property. It is a combination of two loans – the first, having a loan amount of 80% of the purchase price and the second includes the remaining 20% of the purchase price.
Piggyback loans are slowly making a comeback as home values start to pick up. These loans mean a borrower takes out two mortgages at once. The second mortgage is in the form of a home equity loan.