What Is A Piggyback Loan

A piggyback loan (aka second trust loan) is using two loans to finance the purchase of one house with less than 20 percent equity. The most common piggyback mortgage is an 80/10/10 loan. You‘ll borrow 80 percent of the purchase price with a first loan, 10 percent with a second loan, and provide a 10 percent down payment.

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80 10 10 Jumbo Loan A piggyback loan is a combination of a first and second mortgage closed at the same time. Piggyback loan uses 6% and a 30-year amortization on the first mortgage and 6% and 15-year amortization on the second mortgage.

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A piggyback mortgage is when you take out two separate loans for the same home. Typically, the first mortgage is set at 80% of the home’s value and the second loan is for 10%. The remaining 10% comes out of your pocket as the down payment. This is also called an 80-10-10 loan, although it’s also possible.

A common piggyback loan is an 80-10-10, which includes a first mortgage for 80% of the home’s value and a home equity loan or HELOC for 10%. You’d be responsible for the 10% down payment.

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A piggyback mortgage can include any additional mortgage loan beyond a borrower's first mortgage loan that is secured with the same.

The money you pay back towards your loan goes toward the principal and interest, helping you to see a return on your investment in the future. The piggyback is a 2 nd mortgage. It may be a home equity line of credit or home equity loan – it depends on what you qualify to receive. The Pros of the Piggyback Loan. Now let’s look at the benefits of the piggyback loan.

The piggyback mortgage helps borrowers in three main ways: It allows the borrower to purchase a home with a smaller down payment. It usually helps the borrower get a better interest rate on the higher balance loan. It generally helps the borrower to avoid private mortgage insurance (PMI).