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Jumbo 80/10/10 with no MI
An 80 10 10 loan is a mortgage option in which a home buyer receives a first and second mortgage simultaneously, covering 90% of the home's purchase price. The buyer puts just 10% down.
This loan type is also known as a piggyback mortgage. It is popular because it helps buyers avoid private mortgage insurance while making a down payment that is less than 20%.
In general, jumbo loans are harder to come by than smaller-sized mortgages. 80/10/10 mortgages make loans available with just a 10% down payment; while helping buyers to avoid the private mortgage insurance (PMI) costs typically associated with lower down payments that are less than 20%.
Some buyers of more-expensive homes choose this type of loan to get around the stricter lending requirements for jumbo mortgages. Jumbo loans usually require more substantial down payments, higher credit scores, and more cash reserves.
Contact me to discuss your options.
This loan type is also known as a piggyback mortgage. It is popular because it helps buyers avoid private mortgage insurance while making a down payment that is less than 20%.
In general, jumbo loans are harder to come by than smaller-sized mortgages. 80/10/10 mortgages make loans available with just a 10% down payment; while helping buyers to avoid the private mortgage insurance (PMI) costs typically associated with lower down payments that are less than 20%.
Some buyers of more-expensive homes choose this type of loan to get around the stricter lending requirements for jumbo mortgages. Jumbo loans usually require more substantial down payments, higher credit scores, and more cash reserves.
Contact me to discuss your options.