What is a Piggyback Loan and How Does it Work?

Definition of a Piggyback Loan

 Definition and Purpose of a Piggyback Loan:  To reduce the amount of the first loan amount, used in addition to a Borrower's own funds (Down Payment). Advantages of Using a Piggyback Loan:  The Piggyback is typically used to reduce the first loan amount to an 80% level, so as to eliminate the cost of Mortgage Insurance, or to conform to certain programs' requirements of a 20% Down Payment.    A Piggyback Loan can also reduce loan amounts of first mortgages down below a Jumbo … [Read more...]

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