Piggyback Loan
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.
How it works
A piggyback loan pairs a first mortgage with a smaller second loan to cover part of the purchase. A common setup is 80/10/10.
That means an 80% first loan, a 10% second loan, and 10% down.
Why buyers use it
A piggyback can help you avoid mortgage insurance or stay under the jumbo limit. It takes careful structuring to pay off.
We run the math to see if a piggyback saves you money. Reach out and we will compare it to other paths.
Related program: Learn more →
Verify the details for your own situation against these government and agency sources: FHFA conforming loan limits and CFPB Owning a Home guide.