- Designed for borrowers who need access to mortgage financing for loan amounts that exceed Agency/County (standard lending) loan limits.
- Borrowers that do not have a 20% down payment or home equity are able to avoid the private monthly mortgage insurance payments as it is paid by the Lender.
- The Piggyback jumbo mortgage offers loan amounts over the conforming limit to $900,000
- No Monthly Mortgage Insurance
- Allows 90% LTV Purchase and Rate/Term Refinance Financing on 1 to 2 unit Primary Residence properties
- Available Loan Terms: 30 or 25 Year Fixed Rate only
- Purchase and Rate/Term Refinance available
LPMI Piggyback Buster program provides jumbo loan amounts with no monthly mortgage insurance payments.
- Lender is providing loan amounts that exceed standard Agency/County limits
- Lender pays the cost of the Mortgage Insurance upfront in a lump sum
- Minimum down payment from borrowers own funds is 5%. Remaining down payment may come from eligible gift funds.