What is the 80/10/10 Mortgage Program?

A type of purchase loan arrangement that features a 10% down payment by the borrower, combined with two concurrent loans:

• a first mortgage loan for 80% of the purchase price, and
• a second mortgage loan for 10% of the price

By keeping the first mortgage loan at 80% LTV (or below), the borrower is able to avoid private mortgage insurance (PMI).

For more information, see also the following entries:

• :Concurrent Loans:
• :Creative Financing:
• own Payment:
• :First Mortgage Loan:
• :Loan-To-Value Ratio:
• iggyback Loan:
• rivate Mortgage Insurance:
• urchase Loan:
• urchase Price:
• :Second Mortgage: