Mortgage Glossary
Piggyback Loan
Defined by Onias Derilus, Mortgage Capital · NMLS# 1859012 · Florida licensed mortgage broker
A piggyback loan pairs a first mortgage with a simultaneous second mortgage to avoid PMI or stay under the jumbo limit.
What Piggyback Loan means
The classic 80-10-10 structure is an 80% first loan, a 10% second, and 10% down. It sidesteps mortgage insurance and can keep the first loan conforming.
Florida example
A Florida buyer of a $500,000 home uses an 80-10-10: a $400,000 first, a $50,000 second, and $50,000 down. They avoid PMI and keep the first mortgage at conforming pricing.
Related program: Learn more →
Related Mortgage Terms
Still have questions?
Talk to a licensed Florida mortgage broker — no cost, no obligation.