Florida 80 10 10 Piggyback Second  Mortgage Financing Loans!

What is an 80 10 10 Piggyback Second Mortgage Loan and how does it work?

An 80-10-10 Combination Loan is a piggyback loan option that allows customers to make home ownership a reality with as little as 10% down. The 80-10-10 Combination Mortgage Loan consists of a first mortgage for 80% of your home's value or sales price and a variable rate second mortgage as a piggyback loan of 10%.

What are the benefits of doing an 
80-10-10 Piggyback Second Mortgage Loan?

  • It's a great way to avoid paying mortgage insurance (PMI).
  • Great option to avoid a Jumbo Mortgage and the strict underwriting and reserve requirements.
  • We use the second mortgage to get primary residence & second home condo loans approved and for single-family residential mortgage loans when you don't meet the jumbo credit score or reserves requirements.


We offer 2 types of Second Mortgages, one is a 30 year fixed rate second mortgage and the other is an interest only Piggyback Second Mortgage Loan.

Here are the details of the interest only 2nd mortgage loan.

  • A 30-year mortgage with no prepayment penalties.
  • Interest only payments for first 10 years and then it amortized over a 20-year principal and interest payment schedule. 
  • It is an adjustable rate mortgage that is based on the current prime interest rate plus .99% to 1.99%  depending on your loan to value.
  • 700 Minimum credit score is required.
  • Max debt to income ratios are 38% for housing expense and 45% of all expenses.

Here are the details of the 30 year fixed rate 2nd mortgage loan.

  • 30 year fixed rate mortgage with no prepayment penalties.
  • 720 credit score required for 10% down payment.
  • 680 credit score required for 15% down payment.
  • No Gift funds allowed.
  • First-time homebuyers need 24 months of verified rental history.
  • No mortgage late payments in the last 24 months.
  • Bankruptcy Chapter 7, 4 years from discharge date and Chapter 13, 2 years from discharge date.
  • No foreclosures in the last 7 years.
  • Max debt to income ratios is 35% for all expenses.

We only offer second mortgages for purchase and refinance transactions and not as a line of credit for current homeowners

We offer loans for the entire state of Florida and the following cities;
Monroe County Florida Cities; Big Pine Key, Islamorada, Key Colony Beach, Key Largo, Key West, Long Key, Marathon, Marathon Shores, Sugarloaf Shores, Summerland Key, and Tavernier
Collier County Florida Cities; Marco Island, Naples Golden Gate,
Lee County Florida Cities: Alva, Boca Grande, Bonita Springs, Buckingham, Captiva, Cape Coral, Fort Myers, Fort Myers Beach, Lehigh Acres, Sanibel.
Jacksonville, Tampa, Saint Petersburg, Hialeah, Orlando, Fort Lauderdale, Tallahassee, Hollywood, Pembroke Pines, Miami, Palm Beach, West Palm Beach, Boca Raton, Miramar, Sarasota, Gainesville, Bradenton

Got A Question?

Thanks and we look forward to working with you on your mortgage needs!

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