80/20 Home Mortgage Loans – Creative Financing For Your Mortgage Loan (Updated)
An 80/20 mortgage loan is where, for a new home loan, there are two separate loans with two separate payments. There are also two separate interest rates and the loans are usually funded by separate companies. The two loans consist of 80% of the loan amount and 20% of the loan amount.
Some of the benefits to having an 80/20 mortgage loan are:
1. No PMI – Private mortgage insurance is a monthly payment that every borrower needs to pay when they purchase a home with less than 20% down. PMI is insurance for the lender to protect the lender against losses should the borrower default on their loan. PMI does not insure the borrower in any way. When you split your mortgage into two loans, one loan is for 80% of the loan amount and the other is for 20% of the loan amount. So, PMI is not necessary for the first mortgage.
2. Qualify for 100% Financing on Your Mortgage – Many times a borrower might not be able to qualify for 100% financing on their mortgage loan unless they do the 80/20 setup with their loan. Read more
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