COMBINATION LOAN
- Transaction comprised of two separate loans with the same borrower by the same lender. The initial loan is used for financing the completion of a new home. The loan is paid by a second loan, a permanent mortgage on the house. Normally, the initial construction is an adjustable-rate mortgage while the subsequent mortgage may be any of the available mortgage.
- Using the first and second mortgage in financing a home at the same time. The first loan is for 80% of the home’s value and has a first lien position. The second loan is for 10%-20% of its value and has a second lien position. The transaction is often used to avoid paying private mortgage insurance.
Also called 80-10-10 transaction or piggy-back.
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