If you’re house-shopping and have enough for a down payment but not quite the amount needed to avoid PMI (private mortgage insurance), we’ve got a solution. With our Portfolio Second Lien (also known as an 80/10/10), we finance 80% in a first mortgage, 10% in a second mortgage, and with your 10% down payment, you’re able to avoid the PMI requirement. One of our loan professionals can make understanding a Portfolio Second Lien easy. This program offers a flexible way to get the home you want… without the mortgage insurance you don’t.
- Mortgage insurance not required
- Purchase, rate and term refinance, cash-out refinance on primary residence only
- Down payment as low as 10%
- Single-family residence (1-unit)
- Planned unit developments (PUDs)
- Condos (warrantable to FNMA guidelines)
Program eligible in CO, NM, AZ, MI, TX, MO, KS, WA.