A piggyback mortgage can include any additional mortgage loan beyond a borrower’s first mortgage loan that is secured with the same collateral.
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The piggyback loan is a great way to lower your required down payment but avoid PMI. Before you go this route, though, learn the pros and cons. The piggyback loan is a great way to lower your required down payment but avoid PMI. Before you go this route, though, learn the pros and cons.
A piggyback loan occurs when a borrower takes out two loans simultaneously: one for 80 percent of a home’s value, and the other to make up for whatever cash is lacking to make up a 20 percent down payment. This is used as an alternative to private mortgage insurance. A piggyback loan is also known as a second trust loan.
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The second loan carries a higher interest rate than the first. Depending on the rate, the piggyback loan’s interest could erode part of your savings from avoiding PMI. Also, as to interest: *Often, the second loan is interest-only on regular payments. To reduce principal, you must make more than the minimum payment.
Definition of piggyback loan: Two loans on the same property, such as a first mortgage and second mortgage. The smaller or newer loan is usually junior (subordinated) to the larger or older loan. Dictionary Term of the Day Articles Subjects
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The loan amount would be $450K and the buyer would have PMI, unless the buyer gets a first mortgage at $400K and a piggyback loan at $50K. In the piggyback example, the buyer is still going to finance a total of $450K, but because his first mortgage LTV is not over 80%, there is no PMI.
This is often referred to as a piggyback mortgage, since the second mortgage is. The lender is unwilling to offer a loan for more than 80% of the home value.
In our area the limit for an FHA loan is 410k unfortunately. The reason she wants to piggyback is that she can afford 20% on a $50,000 loan but.