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Piggyback Loan Florida — 80-10-10 Financing

Piggyback Loans Florida

Skip PMI and avoid a jumbo loan with an 80-10-10 piggyback structure. Pair a first mortgage with a second loan and put just 10% down on your Florida home. NMLS# 1859012.

80-10-10
Structure
No
PMI
10%
Down
Get Pre-Approved📞 (561) 300-0380
By Onias Derilus, NMLS# 1859012 · Licensed FL Mortgage Broker · Last Updated: May 2026
Piggyback Loans Florida

Piggyback Loans in Florida

A piggyback loan splits your financing into two so the first mortgage stays at 80 percent of value. That single move kills PMI and can keep you out of jumbo territory.

The 80-10-10 is the classic: 80 percent first mortgage, a 10 percent second loan, and 10 percent down. You only need half the usual down payment to dodge mortgage insurance.

Who is it for? Buyers with strong credit and 10 percent down who do not want PMI, and buyers near the jumbo line who want conventional pricing on the first loan.

Eligibility & Requirements

✓10% down payment of your own
✓680+ credit score on most structures
✓First mortgage held at 80% loan-to-value
✓A second loan or HELOC for the 10% gap
✓Debt-to-income that covers both payments
✓Primary residence or second home

Official resource: CFPB — Owning a Home.

Why Buyers Use Piggybacks
Skip PMISave monthly
Avoid jumboBetter rate
10% downHalf the cash
Two loansOne closing
Terms vary by lender and structure.
80-10-10 Example — Illustration
Purchase price$600,000
First mortgage (80%)$480,000
Second loan (10%)$60,000
Down payment (10%)$60,000
PMINone
Min FICO680+
Illustration only — not a rate quote. Structure varies by lender.
Rates & Costs

What a Piggyback Costs

A piggyback trades PMI for interest on a second loan. The first mortgage gets standard conventional pricing; the second is priced on your credit and usually carries a higher rate on a smaller balance. The question is which total costs less.

First Mortgage
Conventional pricing at 80% LTV, with no PMI attached.
Second Loan
A higher rate on the smaller 10% balance, fixed or as a HELOC.
Versus PMI
We compare the total against paying PMI so you keep the cheaper one.

We do not post a fixed rate — your numbers depend on your file. Request a personalized quote for real terms.

Pros & Cons

Piggyback Loan Pros and Cons

Advantages
✓No private mortgage insurance
✓Often avoids jumbo pricing
✓Only 10% down required
✓Second loan can be a HELOC
✓Conventional rate on the first
Trade-offs
✓Two loans to manage
✓Higher rate on the second
✓Needs 680+ credit
✓Two payments each month
✓More paperwork at closing
How to Qualify

How Buyers Get Approved

1. Price the structure
We compare 80-10-10 against PMI and a single jumbo on your numbers.
2. Set the two loans
First mortgage at 80% LTV, a second loan or HELOC for the gap.
3. Confirm the credit
Both loans underwrite, so we check your score fits the pricing.
4. Close them together
Both loans fund at one closing with one set of paperwork.
Florida Notes

Piggyback Loans in Florida

In South Florida and the coastal metros, home prices push a lot of buyers right up against the jumbo line. A piggyback can keep the first mortgage conforming, which often means a better rate than a single jumbo loan would carry.

It is also a clean way to skip PMI when you have 10 percent rather than 20. We run the piggyback against both PMI and a jumbo so the structure you choose is the one that actually costs you the least over your timeline.

Compare Options

Piggyback vs. The Alternatives

How an 80-10-10 piggyback compares with paying PMI and with a single 20-percent-down loan.

FeaturePiggybackPMI Loan20% Down
Down Payment10%Under 20%20%+
PMINoneRequiredNone
Jumbo AvoidanceOften yesNoNo
Loans InvolvedTwoOneOne
Best ForSkip PMI / jumboLow down onlyStrong equity
Piggyback Loan FAQ

Piggyback Loan Questions, Answered

What is a piggyback loan?
A piggyback loan pairs a first mortgage with a second loan so you avoid private mortgage insurance and, often, a jumbo loan. The classic structure is 80-10-10: an 80 percent first mortgage, a 10 percent second, and 10 percent down. Mortgage Capital (NMLS# 1859012) arranges piggyback financing for Florida buyers who want to skip PMI or stay under the jumbo line.
How does an 80-10-10 loan work?
You put 10 percent down, take a first mortgage for 80 percent of the price, and cover the remaining 10 percent with a second loan or HELOC. Because the first mortgage stays at 80 percent loan-to-value, it carries no PMI, and the smaller second loan handles the gap.
Does a piggyback loan avoid PMI?
Yes, that is the main reason buyers use it. Keeping the first mortgage at or below 80 percent of value means no private mortgage insurance on it. You pay interest on the second loan instead, and we compare the two costs so you keep the cheaper path.
Can a piggyback loan help me avoid a jumbo mortgage?
Often, yes. Splitting the financing can keep your first mortgage under the conforming limit, so you get conventional pricing instead of jumbo terms. For higher-priced Florida homes that split alone can save real money on the rate.
What credit score do I need for a piggyback loan?
Most piggyback structures want a 680 or higher score because there are two loans to underwrite. The second loan in particular is priced on credit. We pull a soft check up front and tell you where you stand and what each piece will cost.
Is the second loan a fixed loan or a HELOC?
It can be either. A fixed second gives you a set payment; a HELOC gives you a credit line you can pay down and reuse. We lay out both so you pick the structure that fits how you plan to handle the balance.
Explore Related Programs
Conventional Loans FloridaJumbo Loans FloridaHELOC FloridaAll Florida Loan Programs

Price Your Piggyback Loan

Skip PMI · Avoid jumbo pricing · Licensed FL mortgage broker NMLS# 1859012

📞 (561) 300-0380

Rates are illustrative only. APR and payments vary by credit score, loan amount, and market conditions. Subject to credit approval. Not a commitment to lend. NMLS# 1859012. Equal Housing Lender.