Question

what are the best lenders for a 80/15/5 piggy back home loan ?

I currently live in California and the property I'm interested in is in NYC

Answer 1

Solution:-

PIGGY BACK HOME LOANS

Firstly we need to understand what 80-15-5 piggyback home loan is. It is actually one loan is piggy back for other one loan. Piggyback loan is using two loans to finance the purchase of one house. In the given situation loan is 80-15-15 mortgage. We need to understand what is 80-15-15 mortgage. It has three parts. First part of 80-15-15 mortgage is the borrower can borrow 80 % of the purchase price with the first loan and he can make the principal and interest. Second part of 80-15-5 mortgage is home equity line of credit (HELOC)for 15% of purchase price, the borrower can get 25 year of term with only interest payment, interest and principal for the reminder. Third part of 80-15-5 of mortgage loan payment of down payment percentage. The borrower can pay only 5% of purchase price as down payment.

Best Lenders for Piggyback Loan

1.Lending Tree

   Lending tree is one of the lender of piggyback loan. It is an online market place, borrowers can easily compare the rate ,offers etc via online.

2.Quicken Loans

   It can also apply via online. After apply loan representatives will contact the person with more details.

3.Northstar Funding

   Northstar funding is an another piggypack loan lender ,they lends money in New york,New jersy etc..

4.Citywide Home Loan

   Borrower can apply via online and the representative will contact the borrower with more details