Piggyback Buster

jumbo_piggy_back_flyer

Who: 

  • 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.

What:

  • 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

How:

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.

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