80/15/5 - two mortgages with the loan amounts of the first being 80% of the property value, the second being 15% and a 5% down payment.
This loan structure is often used when the borrower needs to borrower more than 80% and wants to avoid buying Private Mortgage Insurance.
Depend on the borrowers financial situation, a loan officer can structure a 80/10/10, 80/20, or any combination thereof.
Another alternative is talk to us about loans which do not require PMI mortgage isurance even above 80% which may be available in your county.
A mortgage with no PMI may have a higher interest rate than a mortgage with pmi. It is good to comapre the two payments to see which one will benefit you.
These so-called piggyback loans typically require good credit and fairly low non-mortgage debt in order to qualify for the second mortgage.
This
is not a commitment to lend. Restrictions may apply. Information
is subject to change without notice. All loans are subject
to credit approval. Equal Housing Opportunity.