– Avoid PMI – Private Mortgage Insurance if the total amount borrowed is above 80% combined LTV (Loan to Value)
– Lower Monthly Payment in most cases with an interest only payment option on the second loan
– Only need 10% down payment
– Credit scores starting as low as 660
– Reserves requirement applies
– Fairway and the second lender must approve and underwrite
A few lenders I recommend can do this but Deanna’s team is the easiest one to actually qualify for this. I used this strategy to purchase my own home and have saved tens of thousands of dollars over the years. Call Deanna Valeo to get started. Her links are also located under the mortgage tab on this site.