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Best for customers with a 5%—10% down payment.
Lets you avoid the cost of traditional private mortgage insurance (PMI).
Offsets the cost of PMI through your interest rate, providing an opportunity for a tax deduction (ask your tax advisor).
Potentially lower payments than a similar loan with PMI.
Available on most loan programs.
Another mortgage insurance alternative is an 80-15-5 Program sometimes called a Piggy-Back. A fixed rate program designed to help Borrowers purchase a home with as little as 5% down while avoiding Mortgage Insurance. Not only does it save you money, it also maximizes your tax benefits.
- Greater equity buildup
- 2nd lien is 100% tax deductible, mortgage insurance is not!
- 2nd paid off in 5-15 years helps college expenses or retirement
- Allows for expanded underwriting qualifying ratios
- Allows borrowers to manage their own escrows
- No prepayment penalty on 1st or 2nd lien.
Take advantage of our free, secure Find a Lender service and get great rates from several lenders at once.
Restrictions apply. Program terms are subject to change. Some products not available in all states.
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