Puzzled
about
Texas
combo
80-20
mortgage
loans?
We can
help!
80/20 Texas Combo mortgage loans sometimes called a Piggy-Back loan, is a program designed to help Borrower's purchase a home with 0% down while avoiding Mortgage Insurance. An 80/20 loan is actually 2 mortgage loans, a 1st mortgage (at 80% of the value of the home) and a 2nd mortgage (at 20% of the value of the home.)
80/20 loans eliminate the need to pay Private Mortgage Insurance (also known as PMI) and also generally provide considerably lower rates than other types of 100% financing. 80/20 financing helps to keep your payments low and gives you the freedom of not having to put any money down.
- Choose a fixed rate, 5/1 ARM or 7/1 ARM for 80% of your financing.
- We will attach a second mortgage to finance the remaining 20%.
- Owner occupied, 2nd home or non owner occupied investment property available
- We will underwrite both loans at the same time.
- Fees are minimal on the second mortgage loan.
- We will lend you up to $250,000 on the second mortgage loan.
- 80-20 purchase and refinance transactions available
- 80/15/5 and 80/10/10 also available.
An alternative to 80/20 mortgage is a 100% loan. To avoid paying for the Private Mortgage Insurance (PMI), Brown Lending also offers LPMI (Lender paid PMI). This type of loans is comparable to an 80/20 loan. The advantage is that you pay for only one mortgage. The disadvantage is that the interest rate is always higher than the loans with PMI. Contact us to find out more about the 100% loan with LPMI.
An 80/20 mortgage is also a good option to consider for those who plan to put either 5% or 10% down. If you compare the difference in the payment of doing an 80/20 loan as opposed to putting down 5% the difference in payment is not much and you may prefer to keep the 5% as reserves for an emergency.
You won't have to pay mortgage insurance!
The way to avoid paying mortgage insurance is by getting a "piggyback loan" -- a second mortgage to back up the first mortgage. The first and main mortgage is for 80 percent of the home's price. The piggyback loan is for 20 percent of the home's price. If you see mention of an 80-15-5 loan, it means that the borrower got a main mortgage of 80 percent of a home's purchase price, a piggyback loan for 15 percent, and made a 5-percent down payment. Combinations, such as 80-10-10, are possible. The 80-20 uses a piggyback loan without a down payment.
Other Programs Available |
| 100% Mortgage with Credit Scores as low as 560 |
95% Mortgage with Credit Scores as low as 500 |
| 100% Mortgage for First Time Home Buyers |
100% Mortgage Available with open CCCS |
| 100% Mortgage with no PMI (Private Mortgage Insurance) |
100% Mortgage with No Job, income, asset documentation |
| 100% Mortgage with No Escrows |
100% Mortgage with Open Tax Liens and Judgments |
| Interest Only Payment Mortgages |
100% Mortgage with Late Pays and Collections |
| Home Mortgage Loans up to $5,000,000 |
Mortgage Financing Available with No Credit Scores |
| Down Payment Mortgage Assistance Programs |
100% Mortgage on Primary Residence, Second Homes or Investment Properties |
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