80-10-10 Piggyback Second Mortgage
An 80-10-10 Piggyback Second Mortgage allows customers to make homeownership a reality with as little as 10% down. The 80 10 10 Piggyback Second Mortgage consists of the first mortgage for 80% or more of your home’s value or sales price with a variable rate second mortgage as a piggyback loan of 10%.
What are the benefits of doing an 80-10-10 Piggyback Second Mortgage?
- It’s a great way to avoid paying mortgage insurance (PMI).
- A great option to avoid a Jumbo Mortgage and the strict underwriting and reserve requirements.
- We use the second mortgage to get primary residence & second home condo loans approved and for single-family residential mortgage loans when you don’t meet the jumbo underwriting or reserves requirements.
Here are the details of the interest-only 2nd mortgage.
- A 30-year mortgage with no prepayment penalties.
- Interest-only payments for the first ten years, and then it becomes amortized over a 20 term.
- It is an adjustable-rate mortgage that is based on the current prime interest rate plus a margin amount depending on your loan to value and credit score.
- 680 Minimum credit score.
- Max DTI is 45%.
We only offer second mortgages for purchase and refinance transactions and not as a line of credit for current homeowners.
Eddie and the First Florida Financial team were nothing short of outstanding! This was, by far, the most straightforward, professional mortgage loan process we have ever experienced. Eddie has an…read more →
Comparing Current Florida Mortgage Rates
Finding the lowest Florida mortgage rate is very important, that’s why we’ve already searched them for you, getting the lowest interest rate possible could save you hundreds of dollars a year and thousands of dollars over the life of your loan. Yes, having us find you the best interest rate is a big deal.
Current Florida Mortgage Rates
Why Should You Choose Us For Your Home Loan?
We work for You & Not the Bank. When working with us, your not “stuck” with ONE bank’s restrictive set of underwriting guidelines, which can put caps on your debt to income ratio or require a lot of mortgage reserves! We always seek out the best lender to suit your specific situation and find lenders with the Best Mortgage Rates! Oh, Ya we don’t keep bankers hours we always answer your phone calls and text messages in the evening and on the weekends…. because we don’t get paid a salary…. we only get paid when your loan closes and most of the time we get paid by the lender and not by you!
We offer the Best Mortgage Rates!
Our “Outside The Box Thinking” gets home loans approved and closed every day through a variety of unique loan products! One-Year Tax Returns, Cross Collateralizing Properties, Assets as Income, Bank Statement as Income, and No Income Verification Investment Loans. Along with our years of experience and understanding tax returns, knowing what expenses to add back in and how to stretch your funds to pay off debts to reduce your DTI. If necessary, we can try to increase your credit score, then do a rapid credit re-score.
Get Pre-Qualified Fast, see you’re credit scores immediately, and close in 30 days or less with our E Zip Mortgage! It’s all online, reduces paperwork, and provides you with a secure, collaborative document upload portal that regularly notifies you via text messaging & emails with all loan updates. Get Started Now! Speaking with one of our experienced loan officers about is an excellent way to get the ball rolling.