Piggyback mortgages, which lost favor during the housing downturn, are beginning to return as borrowers look for ways to avoid paying.

A "piggyback" loan is the term used by mortgage lenders when referring to a second mortgage that closes simultaneously with the first mortgage. Avoiding PMI One of the most common reasons to get a piggyback is to avoid paying private mortgage insurance (pmi), which protects the lender from default.

A piggyback loan (aka second trust loan) is using two loans to finance the purchase of one house with less than 20 percent equity. The most common piggyback mortgage is an 80/10/10 loan. You’ll borrow 80 percent of the purchase price with a first loan, 10 percent with a second loan, and provide a 10 percent down payment.

A piggyback 80-10-10 mortgage can save you money compared to PMI or FHA. Here's how to qualify.

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An 80 10 10 or “piggyback” loan describes two loans that are opened simultaneously, usually to purchase a home. One loan “piggybacks” on top of another to cover a bigger percentage of the home’s purchase price. The first mortgage is for 80% of the purchase price. Then a second loan is.

However, one type of loan that has not gone completely out of favor yet by banks is the 80-20 piggyback loan. That is a type of no down payment loan wherein.

Piggyback loans have been gaining in popularity over the past few years, making up over 3 percent of all originated loans.piggyback loans are even more popular among first time home buyers who can’t afford a 20 percent downpayment.But before signing up for a piggyback loan, understand the pros and cons.

The piggyback loan is a great way to lower your required down payment but avoid PMI. Before you go this route, though, learn the pros and cons. The piggyback loan is a great way to lower your required down payment but avoid PMI. Before you go this route, though, learn the pros and cons.

Piggyback Mortgage Loans: What You Need To Know – Piggyback mortgages are often used to lower the loan-to-value ratio of the first mortgage to under 80 percent in order to eliminate the need for private mortgage insurance. private mortgage insurance is usually required if a homeowner does not make at least a 20-percent down payment.

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Piggyback loan is a money term you need to understand. Here's what it means.

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