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.
Comparing Current Loan Rates
Finding the lowest mortgage loan rates is very important, that’s why we’ve already searched them for you, getting the lowest loan 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 loan rates is a big deal.
Current Mortgage Rates
Eddie Hoskins Founder & CEO
Providing our customers with the lowest rates, personalized service, and loan options that you don’t get from big box lenders or banks. That’s he built E Zip Mortgage.
Credit scores a little low?
We have a credit score analyzing tool that can provide us with options to improve your credit scores quickly through a rapid credit rescore that usually takes 48 hours.
We’ve streamlined the mortgage process, close in 30 days or less.
From application to closing, all from the palm of your hand.