| tart --> | | | | amount by as much as $200 per month and did |
| If you have been putting of your home purchase | | | | nothing to protect the homeowner whatsoever. |
| because you lack the necessary down payment to | | | | One of the main advantages of an 80/20 mortgage is |
| qualify for a traditional mortgage, there are now many | | | | that you will not be required to purchase Private |
| options available to help you qualify. The best option | | | | Mortgage Insurance. 80/20 mortgages are actually |
| for many people in this situation is the 80/20 mortgage, | | | | two loans, one for 80 percent of the purchase price, |
| also known as a "piggy back" loan. Here are the | | | | and another for the remaining 20 percent. |
| basics to help you decide if this loan option is right for | | | | How Do You Qualify for an 80/20 Mortgage? |
| you. | | | | If you are shopping for an 80/20 loan, your mortgage |
| What Are 80 / 20 Mortgage Loans? | | | | will most likely be handled by two lenders. Mortgage |
| 80/20 mortgage loans are a simple concept to wrap | | | | brokers can be especially helpful in locating piggyback |
| your head around. In days past, if you were trying to | | | | loans; however, it is important to shop from a variety |
| purchase your home without the necessary 20% | | | | of piggyback lenders to find the most competitive |
| down payment the mortgage lender would require you | | | | offers. Qualifying for a piggyback loan is easier than |
| to purchase Private Mortgage Insurance (PMI). This | | | | you think, even if you have poor credit. |
| costly insurance could raise your monthly payment | | | | |