PiggyBack Program

Get the home of your dreams without being penalized for having a "small" down payment.

With a piggyback second mortgage, you can put less than 20 percent down and avoid paying private mortgage insurance.

What is a piggyback mortgage?

When you take out a piggyback loan, you're essentially using two different loans to fund the purchase of a home. One loan is a traditional mortgage that usually covers 80% of the home's value, while the other is a second mortgage, often in the form of a HELOC, which covers 10%. The last 10% is paid for by your down payment. This method is also known as an "80/10/10 loan."

Why would someone use two loans to buy one home?

The piggyback mortgage allows you to enjoy the benefits of a 20% down payment without actually having to put down that full amount. By only requiring a 10% out-of-pocket payment, you can still qualify for lower interest rates and avoid having to pay for private mortgage insurance (PMI), even if you haven't been able to save up enough cash for a full 20% down payment.