Even fewer can gain access to a VA loan. If those two programs backed by the federal government don’t work for you, you might be able to return to private lenders for a piggyback loan. Also known as an 80/10/10 loan, these provide buyers with a 10% down payment to borrow the other 10% required through a loan on top of their mortgage.
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First-Time Homebuyer Loan. A first-time homebuyer loan offers a low down payment and is a great alternative to an FHA loan or for those who aren't eligible for.
A piggyback loan allows you to take out a mortgage to finance 80 percent of your purchase in addition to a second loan for 10 percent of the purchase price. That second loan makes up half your down payment. You still need 10 percent in cash, but combined with funds from your second loan, you can get a mortgage without PMI without saving a full.
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Because piggyback loans limit your first lien to 80 percent LTV, they can be an effective way to make a low down payment on a home while avoiding monthly private mortgage insurance (pmi) costs.