Avoid Mortgage Insurance with Peoples NEW Combo loan!
The 80/10/10 loan is re-emerging as a viable option for today’s
homebuyer. This is good news for homebuyers who want more
options when deciding how to finance a home.
The first mortgage is opened at 80% of the home’s purchase price. Then, a second loan is opened at
10% of the purchase price. The second loan is often called a second mortgage, home equity line of
credit (HELOC), or a home equity loan.
This loan allows borrowers to put less than 20% down on a home, while avoiding private mortgage
insurance (PMI) and high FHA costs.
80/10/10 Mortgage Facts
• Minimum credit score of 680 to qualify.
• *No mortgage insurance means you save money!
• No prepayment penalty – Pay down the balance on the higher interest rate 2nd loan without
penalty. Save interest and have a fast and easy way to pay down your overall home loan balance
so all you have left is one low fixed rate.
Want to know if a Combo loan is the right one for you? Contact me today!
Peoples Home Loans
A DIVISION OF PEOPLES BANK
198 US 9N, Ste 206
Manalapan, NJ 07762