80/20 Piggie Back Loan Programs In Florida

Unless you have had some experience in buying a home, or knowledge of the mortgage industry, chances are you're not likely to know much about the term 'Piggie back' and how it relates to any loan program. Basically, a 80/20 Piggie back is simply the process of combining an 80% LTV (loan-to-value) first mortgage with a simultaneously closing 20% second mortgage. The 80/20 Piggie back loan is also called 80/20 combo loan. Understanding the loan process and options can be a little tricky. Call an Hallmark Mortgage Services loan professional at 1-866-358-2898 or use our quick mortgage application to get a one on one consultation to review any information you need to on the benefits of a 80/20 Piggie Back loan program.

Using the 80/20 Piggie back loan option, you could take out a low interest rate 1st mortgage at 80% loan-to-value rate that conforms to Fannie Mae or Freddie Mac Florida mortgage guidelines and eliminates the need for private mortgage insurance. The 20% balance is then financed using a second mortgage program that can include a home equity loan or home equity line of credit. In the 80/20 combo loan, well qualified borrowers can have both the 1st and 2nd mortgage with an Interest only mortgage option that uses a safe secure fixed payment rate.

Our 80/20 Piggie back loan programs can have the following special features.

• Both Freddie/Fannie conforming as well as secondary market non-conforming Lenders
• You can have a Fixed rate mortgage with multiple repayment term options
• Need a short term financing solution? Adjustable rate mortgage options are available
  • 3/1 ARM
  • 5/1 ARM
  • 7/1 ARM
• Interest only payment options for well qualified borrowers
• Bad Credit? We have a few bad credit mortgage program offerings
• Full documentation and some specialty mortgage program options are available
• Jumbo and Super Jumbo mortgage solutions available for some buyers
• Home Buyers interested in the 80/20 Combo Loan may also be interested in our 100% financing program

As a fast growing Florida mortgage company, we work with a huge assortment of Florida mortgage lenders who want to make sound loans to many Florida home buyers. Because of the wide variety of lenders we work with, we are also able to offer many of our 80/20 Piggie back mortgage clients a selection in programs with very competitive rates and terms. Beyond just the 80/20 Combo loans, we can also provide 80/10/10 and 80/10/5 combo loans that utilize extremely creative financing options to assist you in achieving your goal of becoming a Florida homeowner. Contact our expert loan officers today at 1-866-358-2898 to learn more about our 80/20 Piggie back, and other combo loan programs for your home buying in Florida. Don't have time to call right now? That's OK to. Just use our fast quick mortgage application and in 60 seconds, you'll be well on your way to a free, no obligation consultation.