A piggyback mortgage is a fixed rate second mortgage closed at the same time as a new first mortgage. The piggyback second can be a purchase or refinance. Piggyback mortgages give borrowers more flexibility by lowering the loan-to-value (LTV) of the first mortgage.
This program can help you get into the home of your dreams!
- Great solution for purchases greater than the standard conforming loan limits!
- 15, 20 & 30-year fixed rate term options available.
- Loan amounts can be from $20,000-$500,000.
- 95% CLTV • Valid for credit scores starting at 680.
- Avoid mortgage insurance.
- Avoid using Jumbo loan programs.
- Ability to pay off the second lien in the future without having to pay off the 1st and 2nd lien.
- Covers attached/detached single family residence (SFR), condo, planned unit development (PUD), 2-4 properties.
- Primary residence and second home.
- Purchase and refinance.