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Established Member
Posts: 28
Registered: ‎12-06-2007
0

Piggyback Loans

Are piggyback loans still out there?  If so where?  Looking for 80/20...Does anyone have one of these already that could explain how they work for me. Thanks:smileywink:
The FICO score is an "I love debt" score and is not a measure of winning financially!!!!
Senior Contributor
Posts: 3,299
Registered: ‎04-22-2008
0

Re: Piggyback Loans

I think they are pretty much gone...
Member
Posts: 9
Registered: ‎01-18-2009
0

Re: Piggyback Loans

Yes they are out there but not a 80/20 & it depends what part of the country you are in.

 

We live in Texas where the market is still ok. We closed a week ago on a house that we have been building for the past 9 months/  We have a 80/15/5.  

 

The rates on the 2nd's are not pretty but for us & our situation worked better than paying MPI that we can't deduct off taxes since DH makes to much.

 

Our broker was great at finding the best possible loan for us.  Not many banks are doing them & they are raising the requirements on them weekly even daily. It caused us to have to search for a different 2nd lender with 8 days left before closing. This after dealing with both lenders for months but the 2nd changed requirements & we were 5 pts shy of the new that they set (730).

 

 

Established Member
Posts: 28
Registered: ‎12-06-2007
0

Re: Piggyback Loans

I am in Florida.  Who did you go with to get the 80/15/5??? Thanks. 
The FICO score is an "I love debt" score and is not a measure of winning financially!!!!
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