10% Down, 90% Mortgage Financing Option Is Back Again

After its virtual disappearance for several years, the 10 percent down payment mortgage financing are back in action. Brendon DeSimone writes in Zillo Blog that some lenders have started offering 90 percent mortgage financing again on almost all types of loans. Brendon has quoted a couple of instances where banks have started showing keen interest in rejuvenating the so-called ‘piggyback’ loans. Piggyback Mortgage Loan Makes Re-entry Piggyback loan is a strategy, whereby the homeowner makes a 10 percent down payment and gets a mortgage for 80 percent of the home’s value. The homeowner then takes out a second loan for…