Massachusetts Home Mortgages Loans
No money for a down payment? Still want a Massachusetts home mortgage loan? A piggyback loan may be the answer for you. With this option, you can enjoy 100 percent financing and skip private mortgage insurance (PMI) as well. Also called 80/20 loans, piggyback loans are often recommended for individuals with fairly decent credit, but little cash. PMI is required for Massachusetts home mortgages that amount to more than 80 percent of the cost of the home. A 20 percent down payment on a mortgage loan is considered typical and eliminates the need for the borrower to pay for PMI. If the borrower cannot put 20 percent down, he or she may be able to obtain a first mortgage for 80 percent of the price of the property and a second mortgage for the leftover 20 percent. With these two mortgages put together, the borrower is able to obtain a home with no money down and no PMI. Requirements for Massachusetts Home Mortgages & Loans
Like other types of Massachusetts home mortgages, you must apply for a piggyback loan and meet the requirements of the lender. Your income and credit will be considered. Be aware that rates do vary, so comparing different lenders is always wise, even if you are opting for 100 percent financing loans. Take advantage of our expertise at 4MortgageRateQuotes.com and let us match you with up to four Massachusetts lenders. We work with all types of lenders, as well as mortgage brokers, offering you the best chance at securing the lowest rates. Use our simple form to submit your quote request online!
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