2014 is starting off on the right foot with the arrival of the 80/10/10 Piggyback loan program. This program allows buyers to put down 10% and obtain a 1st mortgage for 80% and a second mortgage of 10% which will cover the purchase price. The benefit is the elimination of mortgage insurance (PMI) which is a great savings for buyers. This program is available for purchases and refinances with a minimum credit score of 700. Eligible properties are 1 to 2 family primary residences and condos.
Combined loan amounts up to $750,000 qualify for 90% financing through our 80/10/10 program.
Combined loan amounts up to $1,275,000 qualify for 85% financing through our 80/5/15 program.
We use the same appraisal for both loans. There are no condo questionnaires for the 2nd mortgage.
If you need any more information please contact Northstar Funding.
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