We offer 80/10/10 and 80/15/5 mortgage programs. These are commonly referred to as "piggy back mortgages". For the 80/10/10, the borrowers put 10% down and we would get them an additional 10% on a second mortgage. That way you avoid the PMI (Private Mortgage Insurance) because your first mortgage is at 80% of the price of the home which does not require PMI.

The second example of 80/15/5, the borrower only needs 5% of their own money. We get a "piggy back" mortgage for the additional 15% so that the first mortgage is only at 80%, again, avoiding the Private Mortgage Insurance.

Private Mortgage Insurance is required on loans when the Loan to Value ratio exceeds 80%. Piggy Back mortgages are basically a way of avoiding the PMI insurance or helping an applicant get below the "Jumbo" limit.

Because of the new laws with Private Mortgage Insurance, it may not always be beneficial to choose the "Piggy Back" mortgage as a financing alternative. Contact Eileen Wilson at Wilson Mortgage Services, Inc. and she will help you make that determination.

THE 80/15/5 program is temporarily unavailable as of 03/01/2009.  The 80/10/10 program is available but on a case by case basis only.  Not all applicants will qualify for this program.