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80/10/10 Mortgage Loans                                                                                                         

80/10/10 mortgage loans are also described as combination financing or piggyback loans. 80/10/10 mortgage loans offer a convenient way to provide creative financing in a purchase, refinance, or debt consolidation transaction. In an 80/10/10 mortgage loan transaction, a second trust is frequently used in combination with a first trust to avoid paying Private Mortgage Insurance or PMI. The first trust is always set at 80% of your purchase price which eliminates the need for PMI. We add a second trust or HELOC of 10% of the purchase price and you supply 10% cash. You have a wide range of mortgage options on these 80/10/10 mortgage loans, including fixed rate or arms for an 80/10/10 mortgage loans. Also, interest only 80/10/10 mortgage loans are often available as well. Email 80/10/10 mortgage loans questions. Several advantages to consumers using this 80/10/10 mortgage loans approach include::

  • Your entire payment is tax deductible (mortgage insurance is not)

  • You may decide to pay off your second early reducing your total payment.

However, there are some potential problems with the 80/10/10 mortgage loans strategy.

  • Your second trust may include a prepayment penalty - Our programs do not

  • Depending on the rate on your second your total payment may actually be more. Send me an email with your anticipated sales price and I will be happy to run Good Faith Estimates comparing both approaches for you.

Second Trust Ratios

A second mortgage or second trust is a loan secured by your property which takes second position to the first mortgage. A second trust carries a fixed interest rate for the life of the loan and amortization periods range from 5 to 20 years with a great new product amortized over 30 years with a balloon due in 15 years. The longer amortization period can often lower your monthly payment significantly. Another option would be an adjustable rate HELOC. As these are generally set up with an interest only payment, they may lower your overall payment. Generally, your total debt ratio should not exceed 45% of your monthly pretax income. 

Depending on credit scores, an interest only 80/0/10 mortgage loans HELOC may also be available to you as well

I have included a page on how to calculate your 80/10/10 mortgage loans qualification ratios.

I have included a page on 80/10/10 mortgage documentation requirements.

Read more about 80/10/10 Mortgage Loans Closing Costs

I have an article "Buying your home in 2008" by email explaining negotiating strategy in today's market.

As a Certified Mortgage Planning Specialist, I offer an analysis of your situation today can make suggestions on how small changes in how your debt is structured today can have a life changing effect in the years to come.  Read more about this free, no obligation service.

80/10/10 Mortgage Loans Prequalify for 80/10/10 Mortgage Loans.


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